Elon Musk surprisingly announced on Saturday April 9, that he would never again take a board seat in Twitter.
As per Twitter CEO Parag Agrawal, Musk is as yet the biggest investor of Twitter, and the organization will stay open to his feedback.
Parag Agrawal finally revealed that Elon Musk has deserted his plan to join the organization’s board.
The social media organization’s stock momentarily tumbled over 8% to under $43 a share in premarket trading, but turned positive post-retail marketplaces opened on Monday prior to recuperating slightly. Afterward, the stock was up almost 3% to $47.51..
On April 5, Musk pronounced his expectations to join Twitter’s board. A day sooner, the Tesla and SpaceX CEO unveiled by means of financial filings that he’s Twitter’s greatest investor, with a 9.2% stake in the firm.
Musk would have been appointed to Twitter’s board on Saturday April 9, however the world’s richest man informed the organization that day that he would no longer be taking the board seat. Twitter’s investor relations page is yet to be updated and Musk is as yet listed as a board member.
“Elon has decided not to join our board,” Agrawal wrote Sunday on Twitter. “I sent a brief note to the company, sharing with you all here.”
“We were excited to collaborate and clear about the risks,” he wrote. “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 Twitter CEO didn’t say whether Musk gave explicit explanations behind adjusting his perspective on assuming the new commitment or whether it was totally Musk’s choice.
Some industry experts hypothesized on Twitter that, he may now attempt to assume control over the organization and revamp it in his own way.
Without disclosing that he had turned down the board seat at Twitter, Musk posted various plans to change the social media organization and its products.
One of the suggestions was a coarse joke in the form of a Twitter poll. Musk asked people to vote on whether Twitter should drop the “w” from its name. Doing so would turn Twitter into “titter,” an allusion to female anatomy.
More serious suggestions from Musk included letting Twitter Blue subscribers pay with dogecoin, get an “authentication” checkmark and keep Twitter Blue free of advertisements.
“Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark,” Musk wrote. “And no ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”
Musk also suggested that Twitter should turn its headquarters office in San Francisco into a homeless shelter, “since no one shows up anyway.”
He also proposed Twitter user numbers are inflated by bots and at one point inquired as to whether Twitter is biting the dust.