Elon Musk Decides Against Joining Twitter’s Board of Directors After Buying Up 9.2 Percent Stake

Twitter’s high brass thought one of the platform’s high trolls had determined to affix their ranks, however ultimately he was simply trolling them, too.

Late Sunday the social media firm’s CEO, Parag Agrawal, tweeted that Elon Musk wouldn’t be part of Twitter’s board, reversing a much-publicized plan introduced final week. Musk had revealed across the similar time that he had purchased up a 9.2 % stake within the business, changing into its largest shareholder within the course of.

“Elon’s appointment to the board was to change into formally efficient 4/9, however Elon shared that very same morning that he’ll now not be becoming a member of the board. I consider that is for one of the best,” Agrawal wrote. Seemingly alluding to Musk’s provocations and the accompanying media fervor, Agrawal added, “There will probably be distractions forward, however our targets and priorities stay unchanged.”

Musk, for his half, merely tweeted a model of the next emoji: 🤭.

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Agrawal’s feedback marked a dramatic change in tone from his tweets on April 5, when he stated that Musk was “each a passionate believer and intense critic of the service which is strictly what we’d like on @Twitter, and within the boardroom.”

Days later, Musk spent half of the weekend polling his followers about methods to vary Twitter, in kinds each critical and farcical.

“Delete the w in twitter?” he asked on Sunday. The ballot’s two attainable solutions: “Yes” and “Of course.”

Separately, Musk mulled whether or not Twitter’s headquarters ought to be transformed right into a homeless shelter and provided coverage ideas for the corporate’s paid membership service, Twitter Blue, together with a brand new sort of verification badge.

Musk was maybe dissuaded from becoming a member of the board as a result of of a stipulation that will have banned him from buying greater than a 14.9 % possession stake within the business. To some spectators, together with Musk’s legion of followers on Twitter, the supply advised that the corporate’s management group merely needed to limit how a lot affect he may amass.

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Musk, the world’s richest man, had polled his followers in March about whether or not Twitter was adhering to ideas of free speech (greater than 70 % said no). When news of his funding subsequently turned public, it appeared that he had purchased inventory in response to their suggestions.

In reality, filings present, he started shopping for shares a minimum of way back to January.

Over the years, Musk has used the platform to announce official news from his foremost firms, Tesla and SpaceX; to hold forth on critics; and to troll the web. That has landed him in sizzling water a quantity of instances.

Most infamously, in 2018 he declared that he was contemplating taking the electrical carmaker non-public at a worth of $420 per share, sending the corporate’s inventory on a wild trip.

The Securities and Exchange Commission was unamused, significantly after it decided that Musk had not actually had the “funding secured,” as he advised. He ultimately settled with the company, paid a $20 million advantageous, and stepped down as Tesla’s chairman.

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But his Twitter fingers haven’t slowed down since.

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