Tesla CEO Elon Musk will not be joining Twitter’s board of directors, as was previously rumored. Twitter CEO Parag Agrawal said Twitter’s Board of Directors had had many discussions with Musk, but the Tesla CEO refused to join the board.
“Elon’s appointment to the board would become formally effective on Monday last week, but Elon shared the same morning that he will not be joining the board. I believe this is for the best.” said Agrawal, quoted from the page yourvalley.net.
Agrawal added that Twitter’s board of directors understands the risks if Musk joins as their member, but he also said the board believes having Musk in the company is the best path.
“The board believes having Elon as a corporate fiduciary, where he, like all board members, must act in the best interests of the company and all of our shareholders, is the best way forward,” he said.
Musk currently owns about a 9 percent stake in Twitter, which was revealed on April 4. The disclosure of this information, raises speculation whether he will overhaul this social media platform, given his position as Twitter’s largest shareholder.
Musk’s Twitter account alone has gained 80.5 million followers, making him one of the most popular figures on the platform, rivaling Ariana Grande and Lady Gaga.
But sometimes Musk’s tweets invite problems, one of which is when he uses his Twitter account to promote his business ventures and question the measures and policies of the Covid-19 pandemic.
Musk was even involved in a dispute with a British cave explorer, who accused Musk of calling him a pedophile. The cave explorer later filed a libel suit, although a Los Angeles court later acquitted Musk.
Elon Musk is also involved in a long-term dispute with the US Securities and Exchange Commission (SEC), over his Twitter activities. But his lawyers argued that the SEC had violated Musk’s free speech rights.