6 times right after Twitter introduced that Elon Musk would be part of its board, CEO Parag Agrawal reported the Tesla CEO experienced decided to drop the company’s invitation in what might be the infamous Twitter troll’s most important troll nevertheless.
Agrawal defined in a observe posted to Twitter on Sunday evening that Musk had been invited to be part of the board “pending a background check and formal acceptance,” but that he experienced rejected the offer.
The board seat give and Musk’s decline arrived shortly soon after he purchased a 9.2% stake in the firm, creating him Twitter’s most significant shareholder. When it was continue to assumed that he would be getting on a board seat, Musk tweeted out a big item improve that he required to see: an “edit button.” (On April 1, Twitter officially declared that it was setting up an edit button, which apparently was not a joke.)
“We have been energized to collaborate and obvious about the threats,” Agrawal wrote about Musk’s sudden refusal to join the board. “We also believed that owning Elon as a fiduciary of the firm where he, like all board associates, has to act in the finest interests of the organization and all our shareholders, was the very best route forward.”
“Elon is our major shareholder and we will keep on being open up to his enter,” he continued.
As the company’s greatest shareholder, Musk may well take this possibility to grow to be a lot more of an activist investor, making use of his significant range of shares to stress Twitter into doing what he needs. As a board member, he would have been bound by a fiduciary responsibility, that means that he has to act in the company’s best interest — even if it doesn’t align with his individual needs.