Conservative hopes that free-speech champion Elon Musk might be becoming a member of the board of Twitter have been dashed.
Twitter CEO Parag Agrawal introduced on the social-media website Sunday night time that Mr. Musk won’t be becoming a member of the corporate’s board as he had been invited.
Mr. Musk advised Twitter of his refusal Saturday, Mr., Agrawal mentioned.
“We have been excited to collaborate and clear in regards to the dangers. We additionally believed that having Elon as a fiduciary of the corporate the place he, like all board members, has to behave in the perfect pursuits of the corporate and all our shareholders was the perfect path ahead,” Mr. Agrawal wrote.
Elon has determined to not be a part of our board. I despatched a quick notice to the corporate, sharing with you all right here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Mr. Agrawal’s assertion additionally didn’t specify any cause for Mr. Musk’s rejection of the invitation however dropped a possible trace.
Mr. Agrawal’s “fiduciary responsibility” reference and his noting that board members should act within the firm’s greatest pursuits would have at the least the potential to require Mr. Musk to muzzle his public criticism of the corporate.
As well as, board membership can rein in an individual’s capacity to buy shares as a result of he would have entry to inside details about the corporate.
Nonetheless, Mr. Agrawal famous, Mr. Musk stays the corporate’s greatest stockholder, owing greater than 9% of the corporate.
“We’ve got and can at all times worth enter from our shareholders, whether or not they’re on our Board or not,” Mr. Agrawal mentioned. “Elon is our greatest shareholder and we’ll stay open to his enter.”
