Elon Musk will not be joining Twitter’s board of directors, just days after he became the technology company’s largest shareholder.
Barak Agarwal, CEO of Social Media Tweeted Musk was officially appointed to the board on Saturday after “several discussions” with the board.
But Agarwal, the Tesla chief executive, “went on to share that he would not be joining again that morning,” without elaborating. “I hope it’s better,” he wrote, “and the company is open [Musk’s] Input “.
The Volt-Face comes after the billionaire Twitter user, who has more than 80 million followers, criticized the site harshly last week and called for product changes, including an edit button and an authentication check mark for premium subscribers.
Musk Wrote, “Is Twitter dying?” In a recent tweet and posted a poll We request If the company’s San Francisco headquarters were to be converted into a homeless shelter “because no one would come anyway”.
After it was announced that he would not be joining the group, Musk tweeted a face emoji, placing his hand in its mouth, which is often interpreted as a laughing expression. He did not immediately respond to a request for comment.
News about the Twitter role of entrepreneurs and Board appointment Enthusiastically welcomed by investors. Shares rose nearly 30 percent last Monday, when filed with the U.S. Stock Exchange and the Securities and Exchange Commission, which revealed that Musk had bought a passive 9.2 percent. They rose close to 10 percent in pre-market trading when it was revealed he would join the group the next day.
Then musk Re-filed the disclosure His role in showing his status as an active investor.
But the decision sparked unrest among some Twitter staff and academics, with Musk, a campaigner for freedom of speech, often playing a libertarian, warning that it could be used to push for weak content policies. Some have questioned whether Twitter’s life ban on former US President Donald Trump will be included in the Musk group.
Analysts have also questioned whether Muskin’s ambitions are in line with Twitter’s growing demand for low-toxicity on social media platforms.
Agarwal said the company was initially “excited to collaborate” with Musk but was “clear about the risks” and as a trusted director he “should act in the best interests of our company and all of our partners.” .
Musk’s disciples debated why he decided against the board seat. Some suggested that he did not want to engage in trust duties, which meant he had to control the controversial tweet about the company.
Others pointed out in the document announcing his appointment that he would be allowed to hold only 14.9 per cent stake in the company while he was on the board. Now, they noted, he would be free to play a major role.
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