In a Major Reversal, Elon Musk is Not Joining Twitter Board
by Manish Singh
April 10, 2022
https://techcrunch.com/2022/04/10/elon- ... awal-says/
Extract:
(TechCrunch) Musk also asked his followers if Twitter should convert its San Francisco headquarters into a homeless shelter, prompting a discussion that saw participation from a wide-range of industry figures, including Amazon and Blue Origin founder Jeff Bezos. The weekend tweets from Musk — who identified his investment in Twitter as “passive,” and according to the timeline shared by Agrawal, had already decided to not join Twitter’s board — however, seemed to suggest that he is actively thinking about Twitter and leading conversations about the major steps the firm should undertake.
“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,” Agrawal said in a tweet Sunday night.
“We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
In what appears to be his official comment on the development, the world’s richest man offered a single-letter statement in a since-deleted tweet... an emoji whose popular interpretations include “surprised,” “shocked,” and “yikes,” according to Urban Dictionary.
Joining Twitter’s board would have required Musk to cap his overall ownership of the social network at a maximum of 14.9% while he remained on the board and 90 days after the departure, according to terms of the agreement Twitter disclosed. In the regulatory filing (PDF), Twitter said it planned to appoint Musk to its board for a term that ends in 2024