Twitter’s CEO announced last week that billionaire Elon Musk would join the company’s board of directors. In the week since then, Parag Agrawal has stated that Musk does not want to be a member of Twitter’s board of directors, but will continue to play an important role in the company’s development. In a recent tweet, Agrawal stated, “Elon is our largest shareholder, and we will stay open to his feedback.”
“Elon Musk has decided not to join our board. Here’s what I can share about what happened. The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat,” Agrawal noted in his latest tweet.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning 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 further said. Musk was appointed to the board last week.
Musk is currently the company’s largest stakeholder. Musk bought a 9.2 percent stake in Twitter last week. Since then, the billionaire has proposed a number of modifications to the platform. One of these was the edit button, which the business promised will be available to everyone in the near future. The feature will be beta-tested for Twitter Blue members before being released to the whole public.
Musk has suggested several modifications for Twitter Blue users in a series of tweets. He also stated in one of his tweets that Twitter may be dying because top accounts with the most followers rarely tweet. Twitter’s CEO, on the other hand, has signalled that the site will make changes that it deems necessary.
Agrawal said, “there will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s”. This clearly shows that Twitter, in no way, will bring changes just because Musk suggested them, despite he being the biggest shareholder.