Elon Musk will not join the Twitter board of directors after all
In an extraordinary turnaround, tech billionaire Elon Musk will not take an official post on Twitter after all. The move by the service’s largest shareholder to the board of directors fell through less than a week after the announcement.
The appointment was officially supposed to take effect on April 9, “but Elon announced the same morning that he would no longer join the board of directors,” wrote Twitter boss Parag Agrawal on Monday night. “I think this is for the best.” We will continue to be open to Musk’s contribution. This generally applies to all shareholders, he restricted at the same time.
Twitter workers concerned about Musk’s influence, media report says
At the beginning of April it was announced that Musk had become Twitter’s largest shareholder with a stake of 9.2 percent. At first it looked as if he wanted to be content with a passive role as an investor. Then, on Tuesday of last week, his appointment to the company’s board of directors was announced. The prerequisites for this were a background check and formal consent, Agrawal continued. Musk’s only reaction to the development was a tweet with an emoji showing a face with a hand over his mouth, which was deleted shortly afterwards.
On the one hand, the board of directors in US companies plays a controlling role similar to that of German supervisory boards, but it also has a stronger influence on strategy. According to the Washington Post, Twitter employees had expressed concern that Musk could have a negative impact on the atmosphere at the company.
