Elon Musk will not join Twitter’s board, the company said

Elon Musk, the world’s richest man and Twitter’s largest shareholder, will no longer be on the board of social media services, the company said late Sunday.

The move limits a cyclone week on Twitter set by Mr Musk, 50. On Tuesday, Twitter announced that the billionaire would be appointed to its 11-member board to expire in 2024. The invitation board followed Mr Musk’s 9.2 per cent stake in the company, making him its largest shareholder.

But Twitter chief executive Parag Agarwal tweeted late Sunday night that the situation had changed. On Saturday morning, Mr Musk – a heavy Twitter user with more than 81 million followers – told the company he would no longer be a board member, Mr Agarwal said.

“We have input from our shareholders and we will always evaluate whether they are on our board or not,” Mr Agarwal said in a tweet. “Elon is our largest shareholder and we will be open to his input.”

The cause of the overturning was not disclosed. But Mr Musk was tweeting erratically over the weekend, raising thorny questions from his followers about the future of the social media company.

In a post on Saturday, Mr. Ask“Is Twitter dying?”

In another, he suggested turning Twitter’s San Francisco headquarters into a homeless shelter because “the way no one looks.” He also stopped short of criticizing the company’s products, suggesting at one point that Twitter Remove ads Completely from the service. (Most of Twitter’s revenue comes from advertising.)

Under the corporate governance policy, board members must act in the best interests of a company and its shareholders, Mr. Agarwal mentioned in his tweet on Sunday evening. He added that Twitter’s board was “clear about the risks” involved in Mr Musk’s decision to join as director.

By not joining the Twitter board, Mr. Musk will no longer be bound by his previous agreement with the company. Under a “stagnant” deal last week, he vowed not to buy more than 14.9 percent of Twitter’s stock and not take over the company. This suggests that Mr. Musk may now add his stake in the company.

A Twitter spokesman declined to comment outside Mr Agarwal’s post. In a tweet on Sunday night, Mr Musk did not address the situation directly with the Twitter board but posted a hand emoji on a face.

Mr. Musk, the leader of electric car maker Tesla and rocket maker SpaceX, is famously Mercury. He has often shut down jobs on Twitter, trolled Tesla short-sellers and insulted his critics. In 2018, after he thought about privatizing Tesla in a tweet and falsely claiming that he had secured funds for the transaction, the Securities and Exchange Commission fined him $ 40 million. Mr Musk later said he did not agree with the SEC’s decision.

On Monday, when Twitter revealed in an SEC filing that Mr Musk had bought a stake in the company, the news was greeted with fanfare. As a strong Twitter user, Mr. Musk’s investment seems to be a vote of confidence in the company, with his stock rising more than 25 percent.

Mr. Musk’s Twitter stock purchase also came at a fine time for the company. Twitter has been undergoing a transformation since the company’s founder Jack Dorsey resigned as chief executive last year. Mr. Agarwal, Chief Technology Officer, has been appointed in his place.

Twitter then announced on Tuesday that Mr Musk would be a new Twitter director with a term on the board starting Saturday.

Both Mr. Agarwal and Mr. Dorsey made public comments welcoming Mr. Musk to the board. Mr Musk “will bring a lot of value to our board,” Mr Agarwal tweeted, adding that there had been a conversation between the company and Mr Musk in recent weeks.

“Pollen and Elon are both leading with their hearts, and they will be an incredible team,” Mr Dorsey wrote on Twitter.

The friendly remarks were meant to explain how the three men shared similar ideas. At various times, everyone has radically transferred power to users and talked about rebuilding social networking away from big companies. Such a move towards “decentralization” would give people more control over their social media feeds and theoretically allow for more free speech online. Mr. Musk, Mr. Dorsey, and Mr. Agarwal are all proponents of more freedom of speech.

Mr Musk further tweeted that he looks forward to “significant improvements to Twitter in the coming months”! He did not elaborate on what those changes might be.

Then came the reverse over the weekend.

“I believe it’s for the best,” Mr Agarwal said in a tweet on Sunday. He added that Twitter staff should “eliminate noise and work and focus on what we are doing.”

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