March 29th I wrote a article on Elon's tweets hinting around creating his own social media platform, or something along those lines, you can read that article here - Possible Elon Musk Created Social Media Platform. Then we wrote about Elon Musk buying majority shares of Twitter, that can be read here Elon Musk Purchased Majority Shares of Twitter. Just days after Elon purchased 9.2% of shares in twitter, the Tesla CEO / SpaceX founder was designated as one of Twitter's Board of Directors. However if Elon took this seat, it would have limited him from owning more than 14.9% of Twitters common stock.
Elon Musk has been very vocal about his goal to make huge improvements to the exterly biased social media platform in the future, to not limit his abilities, on Sunday April 10th, Elon Musk declined a seat on Twitters Board of Directors.
Twitter's Chief Executive Officer, Parag Agrawal, tweeted last night that "Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here."
The letter attached to the above tweet reads:
Team,
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.
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.
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. Let's tune out the noise, and stay focused on the work and what we're building.
Seems like Elon may be planning on buying even more shares, which will give him the possiblity of FULL control of Twitter.
Guess time will tell, this is a fun one to follow.
