Musk was supposed to have been appointed to Twitter’s board on Saturday, but the world’s richest man informed the company that day that he would not, in fact, take the board seat. .
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Twitter shares fell in pre-market trading on Monday after Parag CEO Agrawal revealed that Elon Musk has abandoned his plan join the company’s board of directors.
Shares of the social media company fell more than 8% to less than $43 a share at 4 a.m. ET before recovering slightly.
On April 5, Musk and Twitter said he would join the board of Twitter. One day before, Tesla and the SpaceX CEO revealed through financial filings that he is Twitter’s largest shareholder, holding a 9.2% stake in the company.
Musk was supposed to have been appointed to Twitter’s board on Saturday, but the world’s richest man informed the company that day that he would not, in fact, take the board seat. . Twitter’s investor relations page has yet to be updated, and Musk is still listed as a board member.
“Elon has decided not to join our board,” Agrawal wrote on Twitter Sunday. “I sent a short letter to the company, sharing it with all of you here.”
In the note, Agrawal said that Musk remains Twitter’s largest shareholder and that the company will remain public with his opinions.
“We are delighted to cooperate and clarify the risks,” he wrote. “We also believe that Elon is a trustee of the company, where he, like all board members, must act in the best interests of the company and all of its shareholders. We are the best way forward.”
The Twitter CEO did not say whether Musk had given a specific reason to change his mind about taking on the new obligation.
Timeline of events
Shares of Twitter rose 4% on Tuesday following the board’s announcement.
On Monday, after Musk’s shares were initially revealed, Twitter best day Since the company’s IPO in 2013, it has skyrocketed more than 27%.
Over the course of the weekend, without disclosing that he turned down a board seat at Twitter, Musk posted several ideas for transforming the social media company and its products.
One of the suggestions was a crude joke in the form of a Twitter poll. Musk asked people to vote on whether Twitter should drop the “w” from its name. Doing so would turn Twitter into a “titter,” an allusion to female anatomy.
More serious proposals from Musk include allowing Twitter Blue subscribers pay in dogecoin, get the “authenticated” checkmark and keep Twitter Blue ad-free.
“Everyone who subscribes to Twitter Blue (i.e. pays $3/month) should have a checkmark,” Musk wrote. “And no ads. The power of corporations to make policy would be greatly enhanced if Twitter depended on advertising dollars to survive.”
Musk also suggested that Twitter should turn its headquarters office in San Francisco into a homeless shelter, “because nobody showed up anyway.”
He also suggested that the number of Twitter users is being increased by bots and that there was a time when people asked if Twitter was dying.
– Additional reporting by Lora Kolodny.
