Elon Musk Backs Out Of Joining Twitter Board

People think that a statement from Twitter's chief executive Parag Agrawal might be a sign that Elon Musk is looking to buy the whole platform.

On Sunday (April 10), Agrawal took to his Twitter to share that the Tesla and SpaceX CEO now Twitter's largest shareholder, is no longer joining the board despite being offered a seat following his purchase of 9.2 per cent of the company's stake.

"I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not," Agrawal wrote in a message sent to Twitter staff.

"The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks."

Agrawal continued: "We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward."

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On April 5, Twitter made the announcement that Musk would join its board and be appointed on April 9.

But on the same day, it turns out Musk said he would not join the board after all, as stated by Agrawal.

Musk would only be able to own a maximum of 14.9 per cent of Twitter shares if he joined the board.

But due to his refusal, so refusing to do so leaves the door open for him to buy it all if he chooses.

Naturally, people made assumptions about the tech billionaire's next moves surrounding the platform.

Check it out below.

Musk has been active in suggesting things he wants to change about Twitter, such as asking users if they wanted an edit button. He also seemed to indicate that he would add a Dogecoin tip jar where people can meme cryptocurrency.

Elsewhere, he even suggested turning Twitter's headquarters in San Francisco into a homeless shelter.

Agrawal or Musk hasn’t offered a public explanation about the CEO's decision.

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