The world of business and technology is once again in turmoil with the announcement that the world’s richest man, Elon Musk, despite already being the largest shareholder of the social networking company, has decided not to be part of the organization’s board of directors.
Tesla’s CEO informed the members of the board of directors of his decision and the official report was made public by Parag Agrawal, who is the CEO of the company.
The announcement of Elon Musk’s decision
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board,” Agrawal wrote on Twitter. “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. Elon is our biggest shareholder and we will remain open to his input.”
Without knowing yet details of the reasons for this decision, it is surprising, since Musk has been active with comments related to the management of the company itself and its business policies, and Twitter had already reported that the plan, which now will not take effect, was to appoint Musk to the board of directors and that he would be in that position for a term ending in 2024.
New business strategy for Musk?
Another reason for the original decision to put Musk on Twitter’s board was that the successful entrepreneur had agreed not to acquire more than 14.9% of the company’s shares while on the board.
“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”, Musk himself had said when it became known that he would be part of the board preceded by Agrawal.
A statement from Musk regarding this surprising decision is expected in the near future.
