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Elon Musk decides to not join Twitter (TWTR) board of directors

Less than two weeks after becoming Twitter's largest shareholder, Elon Musk has decided not to join the company's board of directors.

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Elon Musk was set to join Twitter's board of directors yesterday, but it appears that Tesla's Technoking has gotten cold feet. CEO Parag Agrawal posted a statement on the matter to the social media platform.


Here's a transcription of Agrawal's statement:

Team,

Elon Musk has decided not to join our board. Here's what I can share about what happened.

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. 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. The board offered him a seat. 

We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. 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. 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 the biggest shareholder and we will remain open to his input.

There will be distractions ahead, but our goals and priorities remain unchanged.  The decisions we make and how we execute is in our hands, no one else's. Let's tune out the noise, and stay focused on the work and what we're building.


Elon may have been sending a signal out about his recent investing in Twitter (TWTR) all week long. The richest person in the world seems to fancy himself an activist investor, but he seems to be making the right decision with as many plates as Musk has in the air right now. Since most of his tweets are sent from the toilet, attending actual Twitter board of directors meetings was probably to tall of a task.

It remains to be seen just how much chaos Elon will bring to Twitter as the company's largest shareholder. He is one of their most popular users with over 81 million followers, but even Musk publicly doubts the validity of Twitter user data given the amount of cryptocurrecy scammers are in the replies to each of his posts to the platform.

It appears that Elon Musk deleted several tweets about Twitter.
It appears that Elon Musk deleted several tweets about Twitter.

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long Twitter via TWTR shares

Luminary

Asif Khan is the Luminary and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

From The Chatty
  • reply
    April 10, 2022 8:55 PM

    Asif Khan posted a new article, Elon Musk decides to not join Twitter (TWTR) board of directors

    • reply
      April 10, 2022 9:02 PM

      i wonder if this means he might try to buy more than 15% of the stock.

      • reply
        April 11, 2022 12:06 PM

        That is precisely what the Electrek article on this says in the headline!

    • reply
      April 10, 2022 9:23 PM

      Wouldn’t have passed the background check.

      • reply
        April 11, 2022 6:56 AM

        Illegal drug user

        • reply
          April 11, 2022 7:33 AM

          Sounds like a Carlin joke,

          "Why are we drug testing McDonald's employees, we should be drug testing Board members!!!"

    • reply
      April 10, 2022 10:12 PM

      Very weird. Is Elon just messing with them?

      • reply
        April 10, 2022 11:07 PM

        his lawyers probably told him that he'll need to stfu about twitter if he took the position:
        https://www.investopedia.com/terms/i/insider.asp

        if that's the case, than he's probably not buying more stock either.

        • reply
          April 11, 2022 6:24 AM

          yea, CBS article says something like that

          Musk was set to officially become a board member on Saturday, according to the note, and opted out the same day. Agrawal did not explain Musk's decision to reverse course, saying only that it is "for the best."

          Wedbush Securities analyst Dan Ives suggested one possible stumbling block — Musk's frequent tweeting. "In our opinion, the Twitter board and Musk could not come to an agreement around Musk's communications with the public (various polls) over Twitter as he likely needed to take a more back seat/quiet stance as part of joining the board," he said in a report.


          He wouldn't be able to go more than a couple days without being his normal twitter diva self

      • reply
        April 11, 2022 11:57 AM

        He's messing with all of us and he gets off on it.

    • reply
      April 11, 2022 6:30 AM

      The statement probably tells us what we need to know https://twitter.com/xbhaskarx/status/1513358276389343232?s=20&t=831p4fJZLWvRO_OCidLSPw

      • reply
        April 11, 2022 6:47 AM

        Dunno if the background check would deter him, it's likely the no shitposting rule

        • reply
          April 11, 2022 11:48 AM

          Yeah, I saw it mentioned that he likely has regular background checks with SpaceX and the various government contracts they get.

      • reply
        April 11, 2022 8:31 AM

        background check has nothing to do with it

        • reply
          April 11, 2022 8:36 AM

          I think the point is he cannot fulfill his fiduciary responsibility to act in the best interest of the company.

          • reply
            April 11, 2022 8:38 AM

            Ultimately he just wants to be a Twitter diva. Which is really not conductive to actually acting in the best interest of the company.

    • reply
      April 11, 2022 6:52 AM

      "Oh wait - I have to do actual work and sit through boring strategy meetings? Pass."

      • reply
        April 11, 2022 7:01 AM

        "You mean I can't tweet out what fucktards the other board members are and racist tweets in real time from board meetings?"

        • reply
          April 11, 2022 7:02 AM

          I mean he's just such an immature idiot.

          A separate poll by Musk on Sunday asked if "w" should be deleted from Twitter's name, leaving two voting options, "yes" and "of course."

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            April 11, 2022 7:46 AM

            He did a poll too about converting twitter hq in SF into a homeless shelter “people don’t show up to the office anyway”

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            April 11, 2022 7:50 AM

            Who is W?

            • reply
              April 11, 2022 8:08 AM

              Twitter without W is titter. Get it tits hahahaha…

              • reply
                April 11, 2022 8:08 AM

                boobs lmfao lol!!!!!!

              • reply
                April 11, 2022 8:18 AM

                That’s literally the worst thing I have heard so far today. Lol.

                • reply
                  April 11, 2022 8:59 AM

                  That’s what that idiot of a man thinks and he has gobs of money. It’s so awful.

                • reply
                  April 11, 2022 9:58 AM

                  Cliffy B of electric cars. Except worse

    • reply
      April 11, 2022 9:42 AM

      He's trying to manipulate the stock, right?

      • reply
        April 11, 2022 9:59 AM

        That’s pretty much a given.

      • reply
        April 11, 2022 10:02 AM

        he made like $150 million by delaying the paperwork on the sale.

      • reply
        April 11, 2022 12:07 PM

        Yes. It’s like flashing his ass to the SEC.

    • reply
      April 11, 2022 11:45 AM

      Pretty sure he realized he wasn’t going to be able to stir up as much shit if he was on a board. Owning 10% of the company gives him plenty of leverage already.

      • reply
        April 11, 2022 12:39 PM

        yep. some advisor/handler told him "yes I know you want more troll power, but this is a BAD idea that will permeate other companies and you will have started a really really bad thing"

    • reply
      April 11, 2022 12:02 PM

      They were putting him on the board to keep his dumb ass quiet. Guess it didn't work.

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