Musk took a 9.2% stake in Twitter Inc. and was appointed to the board of directors. But one week later, he has since rescinded his decision.
*Originally published on April 5
Updated on April 12:
On Monday, April 4, Tesla CEO Elon Musk became the largest shareholder of Twitter when took a 9.2% stake in the company.
In addition, Twitter appointed Musk to its board of directors, according to a filing with the U.S. Securities and Exchange Commission. However, nearly a week after this announcement, Musk has decided not to join the board.
The news was confirmed by Twitter CEO Parag Agrawal, who tweeted:
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
Initially, Agrawal and Musk seemed excited about the news. "He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!" wrote Agrawal in a tweet.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
Former CEO of Twitter Jack Dorsey even said that he was "really happy" that Musk had joined Twitter's board of directors:
I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.
— jack⚡️ (@jack) April 5, 2022
Parag and Elon both lead with their hearts, and they will be an incredible team. https://t.co/T4rWEJFAes
Dorsey stepped down as CEO in November 2021, but remains on the board until May.
What do you think of Elon Musk's decision to not join Twitter's board of directors? Comment below.