Updated April 11th, 2022 at 09:45 IST
Elon Musk has decided not to join our Board of Directors: Twitter CEO Parag Agrawal
Tesla CEO Elon Musk will not be joining the board of directors of Twitter, informed the social media company's chief executive officer (CEO), Parag Agrawal.
Tesla CEO Elon Musk will not be joining the board of directors of Twitter, informed the social media company's chief executive officer (CEO), Parag Agrawal, on Monday. Taking to Twitter, CEO Agrawal through a long note confirmed the same further stating that Elon Musk on April 9, 2022, had informed that he will no longer 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 development came just a week after the social media site's CEO Parag Agrawal had stated that Tesla CEO Elon Musk will be joining the board of the company. Recently, the billionaire had also purchased a 9.2% stake in the company further becoming its largest shareholder. Taking to Twitter, it was announced that he will be joining the board of the company.
Meanwhile, as Twitter was in continuous discussions with the Tesla CEO on joining the board, the announcement can come as a major setback for the microblogging site.
Twitter CEO shares a brief note on Elon Musk's dropout from Twitter board proposal
In his note, Agrawal while adding that the company was excited about Musk's collaboration with the company and had many discussions with the same, he said, "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 interest of the company and all our shareholders, was the best path forward. The board offered him a seat."
“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 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," he added.
Also stating that there will be no distractions and the company goals and priorities remain unchanged, Agrawal said, "The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building."
Published April 11th, 2022 at 09:45 IST