Less than a week after Twitter CEO Parag Agrawal announced Elon Musk was joining the board following a $3 billion investment in the company, he revealed Musk had changed his mind.
On April 5, Musk bought 73.5 million shares in Twitter, estimated to be worth around $3 billion, making him the largest shareholder in the company.
Though just when it looked like things were moving forward, Twitter CEO Parag Agrawal has now revealed Musk reversed his decision. However, they will still “remain open to his input” as the largest shareholder.
“Elon Musk has decided not to join our board,” said Agrawal in an April 10 announcement. “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.”
However, after announcing he would be appointed to the board following a background check and formal acceptance that was expected to be completed on April 9, Musk informed Agrawal he no longer wanted to join.
“I believe this is for the best,” added Agrawal. “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.”
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
In typical Elon Musk fashion, the enigmatic billionaire reacted to the news by posting a laughing emoji on Twitter, leading some to believe he wasn’t serious about becoming a board member of the platform in the first place.
Either way, it doesn’t change the fact that Musk’s investment in Twitter is very real, and as Agrawal said, the company will still be open to his input, as they are with all shareholders, regardless of whether he’s on the board.