What a wild week it’s been for Twitter. First, Elon Musk announced last Monday that he had bought a 9.2% stake in the company, and the next day he announced that he would become an active investor in the company and join its board of directors. The news sent Twitter shares soaring.
But on Sunday night it was revealed that Musk had backed out and now declined the position of Twitter board member. The news of Musk’s decision not to join Twitter’s board of directors was shared by Twitter CEO Parag Agrawal on the social media platform. Agrawal’s note read in part:
We announced on Tuesday that Elon would be appointed to the board, pending a background check and formal acceptance. Elon’s appointment to the board was scheduled for April 9th. officially come into effect, but Elon announced the same morning that he would no longer be joining the board. I think that’s the best. We have and always will value the input of our shareholders, whether they are on our board of directors or not. Elon is our largest shareholder and we remain open to their contributions.
It’s not known why Musk turned down the offer to join the board, especially after announcing he would.
When news of Musk’s rejection of the board bid broke, Twitter shares fell as much as 8% in premarket trading. according to to CNBC. However, at the time of writing, they have recovered slightly and are now down about 3.75%. Twitter shares surged as much as 25% last week after Musk announced he had become the largest investor in the social media platform. You can read Twitter CEO Parag Agrawal’s full note below.
https://www.fastcompany.com/90739971/elon-musk-backtracks-tesla-ceo-wont-join-twitters-board-after-all?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner Tesla CEO will not join Twitter board