Elon Musk is not going to enroll in Twitter’s board, Twitter CEO Parag Agrawal has introduced in a tweet. Agrawal closing week showed that Musk could be appointed to the board following his purchase of 9.2 percent of the company’s shares, however now says that Musk has determined in opposition to taking on the seat.
“We introduced on Tuesday that Elon could be appointed to the Board contingent on a background test and formal acceptance,” Agrawal writes. “Elon’s appointment to the board used to be to turn into formally efficient 4/9, however Elon shared that very same morning that he’ll not be becoming a member of the board. I imagine that is for the most productive. We have now and can all the time price enter from our shareholders whether or not they’re on our Board or now not. Elon is our largest shareholder and we can stay open to his enter.”
Becoming a member of Twitter’s board would have averted Musk from proudly owning greater than 14.9 p.c of the corporate. On the time that Musk’s acquire changed into public wisdom, his stake in Twitter used to be price $2.89 billion.
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