Published , by Asif Khan
Published , by Asif Khan
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.
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