Elon Musk has decided not to be part of the Twitter board of directors.
Did the CEO of Tesla say it? No, it was the CEO of the social network, Parag Agrawal. It is a change of decision that leaves the door open to a scenario of uncertainty regarding the relationship that will be established from now on between the platform and its most important shareholder.
The announcement, made unexpectedly in the early hours of Monday, April 11, before the markets opened, adds to a hectic week on Twitter.
It all started a few days earlier, on Monday, April 4, when it became known that the South African tycoon Elon Musk bought 9.2 percent of Twitter shares.
On Tuesday the 5th, the company’s decision to join Musk on the board was made public.
However, the scenario changed after The CEO of Tesla will spend the whole weekend tweeting criticism, suggestions and jokes related to the company.
Agrawal published in the message on the social network that he directs that everyone on Twitter is “excited to collaborate with Musk” and that he understands that having him as a shareholder “is the best way.”
However, he clarified, almost by way of warning: “It has to act in the best interest of the company and all of our shareholders.”
Agrawal did not say why Musk will not be part of the board. He just said, “I think this is for the best.”
“We value and will always value each of the contributions of our shareholders, whether they are part of the board or not. Elon [Musk] it is our largest shareholder and we are open to its contributions”.
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
Musk reacts to Twitter board’s decision
How did Elon Musk react? Tweeting a “face with hand over mouth” emoji.
For what seems to advance a tough dispute within Twitter, the shares of the social network fell almost 1% in the premarket on Monday, April 11, adding to a drop of 7.9% in the last days of last week.
This wiped out part of the profits that the company achieved at the beginning of the month, after the news of Musk’s participation in the Californian firm broke.
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