According to Twitter CEO Parag Agarwal, Elon Musk has turned down an offer to join the Twitter board. The report comes a few days after Agarwal revealed that Musk had been offered a seat on the board following his purchase of a 9.2 percent stake in the microblogging platform. The deal is believed to be around $2.89 million and made Musk the largest shareholder in the company.
Twitter is one of the largest social media networks in the world, with more than 200 million daily active users as of Dec. 2021. The company was co-founded by Jack Dorsey, who also served as its CEO from 2015 to 2021. However, Dorsey stepped down from his position in Nov. 2021, handing the reigns over to Parag Agarwal.
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Twitter CEO Parag Agarwal announced Elon Musk’s decision not to join its board in a tweet on Sunday. Musk’s appointment was due to become effective on Saturday “contingent on a background check,” but the Tesla CEO reportedly turned down the offer that very day. According to Agarwal, the board will continue to value his inputs and suggestions but also respects his decision to forego the board seat. Moments after Agarwal’s announcement, Musk tweeted out a single emoji, but the tweet has since been deleted.
Why Doesn’t Musk Want A Seat On The Twitter Board?
Many Twitter users are speculating the reason behind Musk’s refusal to take up a coveted seat on the company’s board. While some believe that Musk would rather be a rabble-rouser from the outside than do something concrete by taking up real responsibility, others think he backed out due to the “background check” clause as he doesn’t want it to open Pandora’s box. Yet others feel that Musk wants to increase his stake in the company and doesn’t want to be limited by the ownership cap that board members are subject to.
Musk has been tweeting away throughout the weekend, suggesting various ways to change how Twitter functions. One of his newest suggestions is to give every Twitter Blue subscriber a ‘Verified’ badge, presumably without verifying their credentials. Musk also suggested many other changes, including slashing the price of a Twitter Blue subscription to $2/month, making Twitter Blue ad-free, as well as giving the option to pay for a Twitter Blue subscription in Dogecoin. Musk is a known cryptocurrency aficionado and has a soft spot for Doge. Elon Musk’s love for the meme coin is so strong that Tesla has been accepting it as payment for merchandise since last year.