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Elon Musk Has Made A U-Turn – And Will Not Be Joining Twitter’s Board Of Directors

WASHINGTON DC, USA - MARCH 9: Elon Musk, Founder and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020. (Photo by Yasin Ozturk/Anadolu Agency via Getty Images)

Elon Musk will not be joining Twitter’s board of directors, Twitter CEO Parag Agrawal revealed in a statement to the business. Agrawal announced last week that Musk would be named to the board following his acquisition of 9.2 percent of the company’s shares, but Musk has since opted not to take the position. “On Tuesday, we declared that Elon would be nominated to the Board subject to a background investigation and official confirmation,” Agrawal said. Elon’s nomination to the board was supposed to take place on April 9. However, Elon announced on the very same day that he would no longer be serving on the board.

The explanation for the turnaround was not revealed. Mr. Musk, on the other hand, has been posting crazily all weekend, surveying his fans with pointed questions about the social networking team’s growth. As Mr. Agrawal stated in his tweet on Sunday evening, board members are encouraged by corporate governance standards to act to the best fiduciary advantage of a firm and its shareholders, as Mr. Agrawal stated in his tweet on Sunday evening. He also stated that the board of directors of Twitter was “informed about the dangers” of Mr. Musk’s decision to support as a director. To discuss his worries, the administration intended to conduct a roundtable discussion with him. It’s unclear whether that discussion will still take place or not.

When Twitter announced in an S.E.C. (Security & Exchange Commission) statement on Monday that Mr. Musk had purchased a stake in the business, it was embraced with celebrations. As a frequent Twitter user, Mr. Musk’s funding looked to be a strong endorsement of the organization, driving its shares up more than 25% that day. Musk had gotten public support at the moment from Agrawal and departing board member Jack Dorsey, who both lauded Musk and encouraged his involvement on Twitter’s board. However, Wall Street analysts questioned Musk’s effect on the social network, considering his minimal record with the SEC and his previous statements about “freedom of speech and expression” on the network.