Elon Musk Turns Down Twitter Board Seat

Rich MitchellApril 10, 2022

Elon Musk will NOT join Twitter’s board of directors according to a late-night tweet from the company’s CEO, Parag Agrawal.

Elon Musk decided not to join the Twitter Board. We were excited by the opportunity to collaborate and clear about the risks. We believed the best path forward was having Elon as a fiduciary of Twitter where he, like all board members, must act in the best interests of our company and our shareholders. The board offered him a seat (contingent on a background check and formal acceptance). The effective date was 4/9, but the same day Elon shared that he will no longer be joining. I believe this is for the best. We will always value input from shareholders and remain open to his. Our goals and priorities are unchanged. Let's tune out the noise and stay focused on what we’re building.

Musk would have become a board member on Saturday, April 9, but apparently thought better of it. The seat came with severe restrictions – namely he would not be able to own more than 14.9% of the company making a lone hostile takeover impossible.

Musk taking a position on the board would also have made him a fiduciary with responsibilities to the company and Elon has plans to transform Twitter, not just make suggestions.

As reported earlier, Musk taking a board seat and a 9.2% stake would in no way allow him to force major change at Twitter. Perhaps Elon sees the obstacle a board seat poses.

What Musk does next is anyone’s guess, but if wholesale change at Twitter is his goal, ditching the board seat was a smart move.

Now, Agrawal’s chess clock is ticking and Musk has already planned his next move – whatever that is.

Full Tweet from Twitter CEO on Musk’s Refusal of Board Seat

For whatever reason, Agrawal’s tweet won’t embed, so here’s a screenshot in case removal is planned:

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