Elon Musk buys stake at Twitter but refuses to join the board

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Elon Musk recently made headlines as he bought a big chunk of shares in the social media platform Twitter. This made him the biggest shareholder in the company. Following this, he was offered a seat at the table by the Twitter board of directions and the CEO. 

Elon Musk will not be joining Twitter’s board of directors, according to a tweet posted by Twitter CEO Parag Agrawal. Following his acquisition of 9.2 percent of the company’s shares last week, Agrawal stated that Musk would be named to the board, but now claims that Musk has decided not to take the position.

Musk would not have been able to have more than a 14.9 percent stake in the company if he had joined the board of directors. His stake in Twitter was valued at $2.89 billion at the time of his purchase becoming public.

Since Musk’s Twitter investment was disclosed, Elon Musk has been actively tweeting about his company’s plans – though it’s difficult to tell whether he’s just mocking. The day before the company revealed that it will introduce the long-requested feature, he tweeted a poll asking if Twitter should have an edit button. Lately, he’s posted ideas like combining verification checkmarks with the paid Twitter Blue service, or converting Twitter’s San Francisco headquarters to a homeless shelter “because no one shows up anyway.” 

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Vidhi Narula
Vidhi Narula

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