Elon Musk, the CEO of SpaceX and Tesla, generated buzz last week when he acquired a significant stake in Twitter, hinting that he would soon be a part of Twitter’s board of directors. This news led to a rise in Twitter’s stock price as the board expressed enthusiasm about Musk’s potential involvement. However, Musk has now opted out of joining the board before the official appointment.
Twitter confirmed today that Musk has reversed his decision and will not be taking a seat on their board, although the specific reasons for his change of heart were not disclosed. Following this announcement, Twitter’s stock prices dipped by approximately 8%, but they rebounded later in the day.
Twitter CEO Parag Agrawal shared, “We were excited about the opportunity to collaborate with Elon and understood the associated risks. While we had envisioned Elon as a steward of the company, bound to act in the best interests of the company and all shareholders, we respect his decision not to join the board.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
While Musk will retain the Twitter stock he acquired, Agrawal clarified that although he won’t be a board member, Musk’s insights and perspectives will still be welcomed regarding Twitter’s operations as an investor.
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