Elon Musk forgoes a seat on the Twitter board. New climb in sight?

It’s really hard for a day to go by without the media talking by Elon Musk: you want to Tesla, you want to SpaceX, the richest man on Earth (and certainly one of the most influential) always ends up on the front pages of newspapers. And its acquisition of the majority stake in Twitter did nothing but anourish this habit. So, after a weekend spent at the keyboard writing tweets on how to change the social platform of the twittering, here is the “twist” of the beginning of the week: Elon Musk will not be on the board of the company.

THE ANNOUNCEMENT OF THE CEO OF TWITTER

Team, Elon Musk has decided not to join our board. Here’s what I can share with you about what happened. The board and I have had a lot of discussions about Elon joining the board, and with Elon directly. We were thrilled to collaborate and knew the risks. We also believed that having Elon as a trustee of the company where he, as well as all the board members, would act in the best interest of the company and all of our shareholders, would be the best step forward. The board offered him a seat.

We announced on Tuesday that Elon would be appointed to the board subject to formal scrutiny and acceptance, Elon’s appointment to the board was due to officially become effective on April 9, but Elon shared that morning that he would no longer be a member of the board. . I believe this is for the best. We have and always will have value input from our shareholders regardless of whether they are on the board or not. Elon is our largest shareholder and we will remain open to his input.

There will be distractions ahead, but our goals and priorities remain the same. The decisions we have made and how we will execute them is in our hands, and nobody else’s. We remove the noise and stay focused on the work and on what we are building.

Parag Agrawal, CEO of Twitter.

WHY

Musk bought 9.2% of Twitter shares at the beginning of the month, and in the following days he continued to use the social network as he always did, criticizing it from a different perspective, namely that not of the simple user, but of the one who – of done – controls its fate. So, between tweets on the importance of introducing the edit button, to change it was his decision to join the company’s board of directors.

No official statements have been made as to why Musk has decided to back down, but we can assume that this turnaround leave the option to purchase other significant shares of the company open, a fact that would have been partially precluded if he had sat down at the board of directors since each member cannot have more than 14.9% of the company’s shares. Musk currently holds 9.2%.

MEANWHILE BEZOS ANSWERS MUSK

Remember Musk’s provocation to convert the empty Twitter headquarters in San Francisco into a home for the homeless? Well, Jeff Bezos commented on the tweet reminding Tesla’s number one of the success of a similar initiative in Seattle in a building next to the Amazon headquarters. “It worked great and made it possible for employees to volunteer“.

Difficult to disentangle Elon Musk’s messages: joke or reality? In this case, given the delicate theme, a sort of official confirmation: “I’m serious this time“.


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