Twitter CEO Parag Agrawal posted a note on the social media platform explaining what he says was Musk’s decision to decline the board invite.
You want to see some pure, uncut 100% Harvard grade manipulation of procedural outcomes?
Twitter did a "background check" on Elon Musk before offering him a board seat. pic.twitter.com/9XSkRceWJe
— Covfefe Anon (@CovfefeAnon) April 11, 2022
Musk recently purchased a 9.2% stake in the social media company. Since the April 4 stock purchase, in which the Tesla and SpaceX CEO became the largest Twitter shareholder, Musk had promised “significant improvements” to the company and expressed excitement at joining the board.
Joining Twitter’s board would have required Musk to cap his overall ownership of the social network at 14.9%.
In other words, Musk’s influence is capped if he accepts a board seat.
[source: The Washington Examiner]
The world’s richest man posted a cryptic tweet shortly after Agrawal’s announcement of an emoji face with a hand covering the mouth. Other than the tweet, Musk has yet to comment on the decision.
In an April 5 regulatory filing, Twitter revealed that Musk would get a seat on its board with a term expiring in 2024. In Agrawal’s statement on Sunday, he said he believed Musk joining the board was “the best path forward” and that Twitter was “excited to collaborate and clear about the risks” with Musk.
So what happened?
According to Agrawal, Twitter will remain open to input from Musk even without him on the board. The company CEO also predicted that there would be “distractions ahead” and asked employees to “tune out the noise.”
Since his stock purchase, Musk has made several tweets referencing his new status as a Twitter power broker.
On Saturday, Musk asked his followers if the Twitter headquarters in San Francisco should be converted into a homeless shelter since employees continue to work remote.
Last week, he shared a photo of him on podcaster Joe Rogan’s show behind a cloud of smoke and holding a marijuana joint with the caption, “Twitter’s next board meeting is gonna be lit.”
He also posted a poll on Twitter last week asking whether users wanted an edit button feature on the social media platform.
In March, before Musk’s interest in becoming the largest shareholder of Twitter was known, he asked his followers if they believe Twitter adheres to free speech principles, which he said are essential to a functioning democracy, stoking the idea in April that Musk may move the reverse several of Twitter’s high-profile account bans, including former President Donald Trump’s.
As a board member, Musk would essentially have little say as to the day-to-day practices at Twitter, including whose accounts to ban and whose accounts should be restored.
Suffice to say, Musk’s move into Twitter is fascinating. We can wait to see what happens!
Author: Monica Hedren