Billionaire Elon Musk, one of Twitter’s biggest shareholders, is reversing his decision to join the company’s board of directors.
Last week, Musk purchased a 9.2% stake in the company, which is valued at almost $3 billion.
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Twitter CEO Parag Agrawal announced the news on Monday after a weekend of Musk tweeting out recommendations for the social media platform, including suggesting making the site ad-free and asking if Twitter is dying.
Agrawal says Musk was going to officially join the board on April 9 but shared “that same morning” that he would not be joining 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
The Twitter CEO didn’t offer any explanation for Musk’s decision but admitted he thinks it’s “for the best.”
After becoming the company’s majority shareholder last week, Twitter gave Musk a seat on the board with the stipulation that he not own more than 14.9% of the platform’s outstanding stock.
Now that he’s no longer on the board, Musk is free to build a bigger stake in Twitter — perhaps a reason why the Tesla CEO reversed course on the decision. If the 50-year-old chooses to buy more stakes in the company, he could opt to push for a completely new slate of directors.
Twitter shares increased nearly 30% after his stake became public last Monday.
Over the weekend, Musk pointed out that many of Twitter’s most popular accounts — Barack Obama, Justin Bieber, and Katy Perry (the top three, respectively) — post “very little content.”
Agrawal asks people to “tune out the noise” and stay focused on “work and what we’re building.”
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