Elon Musk made headlines when he bought a stake in Twitter.
But the billionaire will not become a board member, despite previous agreements.
Uncover why Musk and Twitter have decided to change the terms of their relationship.
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When Elon Musk purchased 9.2% of social media giant Twitter for $2.9 billion, the world was intrigued. However, some employees of Twitter were concerned about Musk’s influence and viewpoints on the company.
As a result, a Q&A was going to be developed to air out employee concerns about Elon Musk’s addition to Twitter’s board, and the changes he may introduce.
In a surprising twist, Twitter employees will no longer need to worry about the high-profile billionaire’s direct input. As Musk has decided to not take a board member position but instead will continue to hold stock in the company.
Announcing Elon Musk’s decision
In a Twitter statement by CEO Parag Agrawal, he stated: “Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here.”
Agrawal continued: “We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance.”
However, “Elon’s appointment to the board was to become officially effective 4/9 [9 April], 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 our biggest shareholder and we will remain open to his input.”
Looking forward, Agrawal added: “There will be distractions ahead, but our goals and priorities remain unchanged. The decision 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.”
Musk has yet to comment on the situation, although, given his frequency of posts on Twitter, a comment feels inevitable. On 9 April, Musk did elude to Twitter “dying” but it is unclear whether this was meant to be a segue to his ideas to bolster the company.
Most of these “top” accounts tweet rarely and post very little content.
Although no reason has been defined for Musk’s absence on the board, many employees who did not want his input will be relieved. Whether it’s references to military coups or comments about working from home, Musk can be seen as a controversial executive.
Of course, Musk will still have an influence on the company as the largest shareholder of Twitter, but this may serve as an illustration of appeasing employees while enabling more money to flow through the company.
After all, employees are far more likely to be concerned about senior leadership than investors.
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