Tesla CEO Elon Musk has decided not to join Twitter’s board of directors. The CEO of Twitter, Parag Agrawal, says this is true. Agrawal said in a statement that he and the board of directors had a lot of talks with Elon about joining the board.
“We were excited to work together and aware of the risks.” We also thought that having Elon on the board, where he has to act in the company’s best interest and its shareholders, was the best way to go. Agrawal said that the board gave him a seat.
On Twitter, the CEO said that Elon’s ideas would be considered the company’s largest shareholder.
“We said on Tuesday that Elon would be on the board, but only if he passed a background check and agreed to be on the board,” Elon said he would not be joining the board in the morning. He was supposed to start on April 9, but he said that he would not be joining the Board then. I think this is for the best.
Then, “Let’s turn off the noise and keep our attention on the work and what we’re building.” it will be a busy time, but our goals and priorities will stay the same. We are in charge of our decisions and how we carry them out. No one else can make them for us.
Musk would not have been able to own more than 14.9 per cent of Twitter if he had been on the board.
He also tweets about controversial topics in a way that might make it hard for Twitter to decide what to do about his tweets soon.
If you want to make significant changes to Twitter, Musk has posted polls on the site. One of them is for a new “edit” button, which is in the works.
@elonmusk will be on our board. I am excited to tell you that. During recent talks with Elon, it became clear that he would be great on our Board. Agrawal wrote last week: “Elon would be great on our Board.”
Musk responded to Agrawal: “Looking forward to working with Parag and the Twitter board to make big changes to Twitter in the next few months! Thank you for your help!”
Until 2024, Musk will be a class II director for the U.S. Securities and Exchange Commission (SEC).
This type of position can keep someone from taking over your business.
Musk can’t own more than 14.9 per cent of the company’s stock while he’s on the board and for 90 days after he leaves, according to the filing. Musk can’t own more than 14.9 percent of the company’s stock alone or as part of a group, including through derivative securities, swaps, or hedging transactions.
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