Elon Musk will not join the Twitter board, the company said

Elon Musk, the richest man in the world and the largest shareholder on Twitter, will no longer join the board of directors of the social media service, the company announced late Sunday.

The move ends a tumultuous week on Twitter, sparked by 50-year-old Musk. On Tuesday, Twitter announced that the billionaire would be appointed to a board of 11 for a term expiring in 2024. The invitation to join the board tracked Mr Musk’s 9.2% stake in the company, making him the most large shareholder.

But Parag Agraval, Twitter’s chief executive, tweeted late Sunday that the situation had changed. On Saturday morning, Mr Musk – a major Twitter user with more than 81 million followers – told the company he would no longer be a member of the board, Mr Agraval said.

“We have and will always appreciate the contribution of our shareholders, whether they are on our board or not,” Mr Agraval said in his news tweet. Elon is our largest shareholder and we will remain open to his contribution.

No reason was given for the cancellation. But Mr Musk tweeted chaotically over the weekend, polling his followers with thorny questions about the future of the social media company.

In a post on Saturday, Mr. Musk he askedIs Twitter dying?

In another, he suggested turning Twitter’s San Francisco headquarters into a homeless shelter because “no one shows up anyway.” He also dismissed a stream of criticism of the company’s products, hinting at one point that Twitter Remove ads from the service entirely. (Most of Twitter’s revenue comes from advertising.)

According to the principles of corporate governance, the members of the board are obliged to act in the best fiduciary interest of the company and its shareholders, which Mr. Agraval pointed out in his tweet on Sunday night. He also said the Twitter board was “clear about the risks” from Mr Musk’s decision to join as director.

By not joining the Twitter board, Mr Musk will also not be bound by a previous agreement he signed with the company. Under a standstill deal last week, he promised not to buy more than 14.9 percent of Twitter’s shares and not to take over the company. This suggests that Mr. Musk may continue to increase his stake in the company.

A Twitter spokesman declined to comment outside of Mr Agraval’s post. In a tweet on Sunday night, Mr Musk did not address the situation directly on the Twitter board, but posted emojis by hand on his face.

Mr Musk, the founder of electric car maker Tesla and rocket maker SpaceX, is known as mercury. He has often hit Twitter, trolling Tesla vendors and insulting critics. In 2018, after contemplating making Tesla private in a tweet and falsely claiming to have provided funding for the transaction, he was fined $ 40 million by the Securities and Exchange Commission. Mr Musk later said he did not agree with the SEC’s decision.

When Twitter revealed in SEC documents on Monday that Mr Musk had bought shares in the company, the news was met with fanfare. As a prolific Twitter user, Mr Musk’s investment seemed to be a vote of confidence in the company, causing its shares to jump more than 25 percent that day.

Mr Musk’s share purchases on Twitter also came at a delicate time for the company. Twitter is going through a transition after Jack Dorsey, the company’s founder, stepped down as CEO last year. He was replaced by Mr. Agraval, Chief Technology Officer.

Twitter then announced on Tuesday that Mr Musk would become the new director of Twitter with a term on the board, which was due to begin on Saturday.

Mr Agraval and Mr Dorsey made public comments welcoming Mr Musk to the board. Mr Musk “will bring great value to our board”, tweeted Mr Agraval, adding that there had been talks between the company and Mr Musk in recent weeks.

“Parag and Elon are leading with their hearts and will be an amazing team,” Mr Dorsey wrote on Twitter.

Friendly remarks were supported by the way all three men seem to share similar ideas. At various times, everyone has talked about changing social networks by radically shifting power to consumers and away from big companies. Such a move towards “decentralization” will give people more control over their social media broadcasts and will theoretically allow more freedom of speech online. Mr Musk, Mr Dorsey and Mr Agrawal are outspoken supporters of more freedom of speech.

Mr Musk also tweeted that he looked forward to “making significant improvements to Twitter in the coming months!” He did not specify what those changes might be.

Then came the turnaround over the weekend.

“I believe this is for the best,” Mr Agraval said in his tweet on Sunday. He added that Twitter employees must “muffle the noise and stay focused on the work and what we do.”

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