Elon Musk will not be joining Twitter Inc.’s (NYSE: TWTR) board of directors, the company’s CEO Parag Agrawal has announced.
The Tesla (NASDAQ: TSLA) chief, the world’s richest person according to Forbe’s March 2022 rich list, revealed a 9.2% stake in Twitter last week. It’s a share of the $37 billion company that saw him offered a seat on the board.
But in a tweet on Monday, Agrawal said Elon “had decided not to join.” The SpaceX CEO reportedly informed Twitter of his decision on 9 April, the effective date of his appointment to the board.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best,” Agrawal announced.
While Twitter has said the move is for the “best”, the company believes Musk still has a role to play at the company.
We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input.”
Twitter shares slip premarket
Twitter shares slipped on the news, falling nearly 7% in premarket trades on Monday morning. The declines ate into a chunk of the gains seen last week when TWTR jumped double figures over two days, adding 30% to the stock’s value.
The stock has pared some of the losses seen premarket, currently down 3.5% at around $44.60. The last trading session had seen TWTR close 3.75% down amid broader market declines.
Dogecoin (DOGE), which surged nearly 10% last week as Musk tweeted about DOGE’s use in subscription payments for Twitter Blue, has fallen 6%. The losses though come alongside widespread bleeding in crypto, which includes Bitcoin (BTC) dropping below $42,000.
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