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Elon Musk became the largest shareholder in Twitter after purchasing a 9.2% stake in the company. With the acquisition, it was expected for the Tesla and SpaceX owner to join the said social media's company board, but last weekend, it was revealed that plans have changed.
Twitter's chief executive officer, Parag Agrawal, announced via tweet that its newest shareholder decided not to take the board seat that was offered to him. He said that the 50-year-old billionaire's appointment was supposed to take effect on Saturday, April 9, but it did not happen as he changed his mind.
As per Reuters, Musk also personally shared that he will not be joining the board anymore. The news came out not long after Elon made a suggestion of changing some things on the Twitter Blue premium subscription service. He said that the subscription price could be slashed, a crypto payment option using dogecoin could be added, and the platform could also ban ads.
The latest updates related to Twitter came less than a week after Elon Musk revealed his Twitter share acquisition deal. If he had accepted the spot on the company's board, his appointment would be effective until the current board's term, which will end in 2024.
"Musk decided not to join our board. Elon's appointment to the board was to become officially effective 4/9, but he shared that same morning that he will no longer be joining the board," part of Twitter's CEO Agrawal message reads. "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."
CNBC reported that Twitter's share was up at close after Elon Musk decided not to join the board. The stock price remained positive at Monday's close shortly after Agrawal shared via tweet that Musk gave up his board seat.
Meanwhile, Elon Musk will not be able to purchase more than 14.9% of Twitter's shares if he had accepted his appointment and joined the board. Thus his move could be a strategy since he can now buy more as he likes to increase his shares. In fact, there are speculations that Musk may be planning a complete takeover of the social media platform.
