Elon Musk Has Opted Out of Joining Twitter's Board, CEO Reveals

Musk previously told the US Securities Commission that he owns a 9.2% stake in Twitter, after which the stock of the social network jumped 28% in pre-bidding. He was supposed to formally join the board of directors on April 9.

The richest man on the planet and microblogger Elon Musk will not be on the board of directors of his favorite social network, Twitter, the company's CEO announced on Sunday.

In a statement on Twitter, Twitter CEO Parag Agrawal said that he also shared it with the firm's employees before publishing it online.

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

According to Agrawal, although the board and the top management "were excited" to negotiate the risks and the process with Musk, the board offered him a seat, effective April 9. However, "that same morning" Musk allegedly said that "he will no longer be joining the board."

"I believe this is for the best," wrote the CEO. "We have and will always value input from our shareholders whether they are on board or not. Elon is our biggest shareholder and we will remain open to his input."

Agrawal noted that there will be "distractions ahead," but Twitter will keep "our goals and priorities" unchanged - a phrase that surely has drawn some backfire in the comment section.

Musk has posted a stream of open questions regarding the platform's current and future since being named to the board, proposing new features, emphasizing areas of concern, and making jokes. It was not always apparent which was which for the Tesla billionaire.

For a long time, Musk's main problem with Twitter's course has been its moderation practices. He tweeted a poll in late March, after acquiring a big investment in the company but before publicly disclosing it, asking people whether Twitter adhered to the principle of free expression.

Apart from that, Musk has proposed several modifications to the social network, in which he has purchased a substantial interest. Users should be able to edit their posts, pay using the dogecoin cryptocurrency, and Twitter Blue subscriptions should be cheaper, according to the billionaire.

Among the last notable proposals, one to turn the company's headquarters into a shelter for the homeless, was noted, since "no one shows up anyway." The proposal was also supported by the businessman's rival on lists of the richest people in the world, Amazon founder Jeff Bezos.