Elon Musk refused to join the Twitter board.
Remember last week, Elon Musk made his biggest deal in 2022 (up to now). That is to spend more than $ 3 billion to buy back 9% of the shares of the social network Twitter. With the total value of Twitter shares holding, Elon Musk has become the largest shareholder of this social networking platform. In other words, the boss of SpaceX is very close to owning Twitter (if he continues to increase the volume of shares).
Thought this move would be a springboard for Elon Musk to increase his influence and towards the takeover of Twitter, but Tesla’s CEO once again surprised many people with his decision. Accordingly, Elon Musk has refused to join Twitter’s board of directors even though this billionaire is the company’s largest shareholder.
Sharing about this issue, current Twitter CEO Parag Agrawal said: “Elon Musk will not be taking on any role on Twitter’s board of directors. This is his decision this morning. As corporate administrators, we have and will always value all opinions from shareholders, even if they are on the board of directors. Elon Musk is the largest shareholder and we will continue to be open and respectful of his opinions.”.
As such, Elon will not participate in the process of operating or strategic planning for Twitter. Instead, he just stood by watching and eating dividends like any other ordinary shareholder of the company. Of course, as the largest shareholder, Elon Musk can completely change this anytime he wants.
Source link: Elon Musk refused to join the Twitter board, turned out to spend $ 3 billion buying shares just for “fun”