Elon Musk Says No to Twitter Board Membership

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In Brief
  • Elon Musk won't be joining the Twitter board of directors.

  • Musk still remains the company's largest stakeholder.

  • Rumors are circulating that he may be looking to increasing his share stake.

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Billionaire Tesla boss Elon Musk has declined to join the Twitter board of directors according to the company’s chief executive officer.

Twitter CEO Parag Agrawal revealed that Elon Musk will not be joining the board on April 11. The firm announced that he would be joining the board on April 9, but that decision appears to have been overturned after Musk declined.

The board offered him a seat with the understanding that as a fiduciary of the company, he would act in its and its shareholder’s best interests. Elon would also have had to undergo a background check if he decided to take the position.

Agrawal said that “this is for the best,” adding that Twitter will still be open to Elon’s input as its biggest shareholder.

“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.”

Rumors swirling

The rumors regarding his rejection of joining the board have already started circulating. One respondent said that board membership would limit his stake to 14.9% with a suggestion that he could be looking to increase his share of the company.

Others have suggested that his refusal to join the board will give him a freer rein on what he can post on the platform.

There has been a flurry of activity on Musk’s account since he took a 9.2% stake in the company last week. Many of the posts have been suggestions and polls on improving the micro-blogging platform such as the addition of an edit button.

One such poll was to convert the Twitter headquarters into a homeless shelter “since no one shows up anyway.” Of the 1.9 million respondents, 91% thought this was a good idea.

The Doge connection

There was also speculation about Musk pushing to make Dogecoin the crypto payments currency for the platform. The meme cryptocurrency that Musk likes so much pumped 20% last week when the news broke of his stake in Twitter.

It has since lost those gains and is back down a few percent on the day to trade at $0.147 – 80% down from its peak price in May 2021.

Shares in Twitter also soared by more than 27% last week Elon’s stake was revealed.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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