A few weeks ago, unexpected news shocked everyone. Elon Musk, the owner of some famous companies like Tesla, SpaceX, and Boring Company, has acquired 9.2 percent of Twitter shares for $2.89 billion. The news caused a great deal of excitement among Musk fans, and many praised him for buying Twitter shares. It was initially thought that Musk intended to join Twitter’s board of directors. Even Twitter CEO Parag Agrawal initially confirmed the news. But now, Agrawal has announced in a letter to the company’s employees that Elon Musk will not come to Twitter and will only remain as a shareholder. “We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same day that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input.” Agrawal added.
Elon Musk does not seem to have enough time for Twitter
Musk simultaneously plays active roles in his own companies and is the main decision-maker. That’s why the news of Musk joining the Twitter board was baseless from the start because he does not seem to have enough time to join a new company. Elon Musk’s tweets after acquiring the Twitter shares reinforced the rumors about his plans to join the board of directors. After the news broke, Musk shared a tweet and surveyed users about adding an edit button to Twitter. Also, he made some suggestions for the Twitter Blue service and turning Twitter’s San Francisco HQ into a homeless shelter “since no one shows up anyway.” Of course, Twitter’s board welcomed Musk joining them and offered him a seat. But Musk preferred to stay as a shareholder.
