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Six days after Twitter introduced that Elon Musk would be part of its board, CEO Parag Agrawal says the Tesla CEO has determined to say no the corporate's invitation in what stands out as the troll's largest troll infamous of Twitter to at the present time.
Agrawal defined in a observe submit on Twitter on Sunday night that Musk had been invited to affix the board “pending background verify and formal acceptance”, however that he had rejected the provide.
The board seat provide and Musk's decline got here shortly after he purchased a 9.2% stake within the firm, making him Twitter's largest shareholder. Whereas it was nonetheless speculated that he would sit on the board, Musk tweeted one main product change he wished to see: an “edit button.” (On April 1, Twitter formally announcement that it was constructing an edit button, which apparently wasn't a joke.)
“We have been excited to collaborate and make clear the dangers,” Agrawal wrote of Twitter's want to carry Musk to its board. “We additionally believed that having Elon as a trustee of the corporate the place he, like all board members, needed to act in one of the best pursuits of the corporate and all of our shareholders, was the easiest way ahead.”
“Elon is our foremost shareholder and we are going to stay open to his contribution,” he continued.
As the corporate's largest shareholder, Musk may use this chance to turn out to be extra of an activist investor, utilizing his massive inventory depend to stress Twitter to do his bidding. As a board member, he would have been certain by a fiduciary responsibility, which suggests he should act in one of the best curiosity of the corporate, even when it does not align along with his personal needs.
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