Elon Musk has declined Twitter’s offer to join its board of directors.
After purchasing more than 9% of the social media platform’s shares, Elon Musk was offered a seat on Twitter’s board of directors — a position that sounded like a done deal last week. Now, according to reports, Musk declined the offer at the 11th hour, deciding instead to remain a top shareholder.
Twitter CEO Parag Agrawal released a statement:
“Elon Musk has decided not to join our board,” Agrawal said. “We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board.”
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal later added. “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.”
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
Many suspect Musk declined Twitter’s offer in order to have more freedom over what he says and does. According to the Daily Wire, “Shortly after the announcement was made, Musk tweeted out an emoji of a face with a hand over its mouth, which usually means ‘to cover your mouth, not to speak, to mute” and is typically used to “express emotions of rapture, smirk, shy smile, or happiness.’”
Musk later deleted the tweet.
Elon Musk deleted this cryptic tweet after it was announced he won’t be joining Twitter’s board of directors… pic.twitter.com/kmag7cprMp
— Joseph A. Wulfsohn (@JosephWulfsohn) April 11, 2022
“Hostile takeover inbound,” Austen Allred, CEO Bloom Institute of Technology, tweeted. “My read of this: (I’m guessing). 1. Twitter board wakes up to realize Elon owns 9% of the company. There’s a path to him taking over. 2. Offers a board seat contingent upon him not buying too many shares. Try to contain. 3. Negotiations break down on term details. 4. ???”
Hostile takeover inbound https://t.co/VBddK0fqK9
— Austen Allred (@Austen) April 11, 2022
“Since the Board announcement he’s been crowdsourcing ideas and chatting via Twitter. He quickly realized that’s all over as soon as he actually joins the Board and tapped out,” business attorney Matt Bilinsky tweeted.
I’d bet anything it was this.
Since the Board announcement he’s been crowdsourcing ideas and chatting via Twitter.
He quickly realized that’s all over as soon as he actually joins the Board and tapped out. https://t.co/NDolsbF9tO
— Matt Bilinsky (@mattbilinsky) April 11, 2022
These were the terms of Musk’s agreement with Twitter would he have joined the board: “Mr. Musk agrees that, for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps or hedging transactions.”
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