Elon Musk is a maverick and visionary business person. He has an acute, tech-savvy sense and understanding. Last week, Elon bought the largest shares of Twitter with a 9.2% stake on Twitter. After buying the largest share of Twitter, Elon said he would join the company’s board of social media.
However, the news from Twitter’s CEO is now showing altogether something new. Twitter CEO Parag Agrawal has revealed all the information in a tweet updating the users about the recent development. Parag Agrawal tweeted, “Elon Musk’s appointment to the board was to become officially effective 4/9. However, Elon shared that same morning that he won’t join the board.” The stunning decision of Elon Musk came after one week when he bought the largest share of Twitter.
Why would Elon Musk refuse to join Twitter’s board?
One might think why Elon would refuse to join the panel of Twitter, which can even grant him more power? There can be many reasons. One of the most simple and easy to digest is that joining Twitter’s board might have prevented him from buying Twitter’s share of over 14.9 percent. Moreover, the agitation of Twitter employees is also fundamental.
Elon Musk is outspoken on multiple issues, such as political, technological, and innovation in the digital workspace. Most of Twitter’s employees were scared that joining Twitter’s board would give more power to Elon Musk. By refusing to join Twitter’s board, Elon Musk mitigated the concerns of all Twitter’s staff. In an open and frank statement. Agrawal said the company will “remain open to Elon Musk’s input.
The core decisions about the company are in our hands.” These statements from Twitter’s CEO helped to assuage the distraction and uncertainty in Twitter’s employees.
Elon Musk is a vociferous critic of Twitter
Twitter has gone through a public critique and changes over the years. However, Elon Musk has tried to lead Twitter on a new journey. He has criticized every weak aspect of Twitter. There were thousands of requests from Twitter users to add an edit button. The tweets with mistakes, typos, and grammatical mistakes could not change because Twitter had not an editing feature.
It is stunning to know that after buying the largest shares of Twitter, Elon Musk tweeted a poll asking the followers whether or not Twitter should add the edit button? A high percentage of Twitter users voted yes. Besides talking about the edit button, Elon Musk has highlighted some of the most neglected features of Twitter. He talked about the company’s reliance on advertising, spam accounts, and multiple other aspects.
Elon Musk tweeted Twitter’s top accounts and asked “Is Twitter dying?” Elon Musk has criticized seriously as well as humorously. Twitter has an indefinite remote work policy. So, Elon launched a poll asking whether Twitter should make the San Francisco office into a homeless shelter since no one shows up anyway.
Most of these “top” accounts tweet rarely and post very little content.
Is Twitter dying? https://t.co/lj9rRXfDHE
— Elon Musk (@elonmusk) April 9, 2022
These all tweets and measures are indicating that Elon Musk wants to influence Twitter. It’s not the first time Elon has criticized Twitter. In fact, before even his investment in the company became public, Elon had tweeted numerous tweets to influence Twitter.
Agrawal’s full message
Elon Musk has decided not to join our board. Here’s what I can share about what happened.
The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders was the best path forward. The board offered him a seat.
We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same day that he will no longer be joining the board. I believe this is for the best. 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.
There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute them are in our hands, no one else’s. Let’s tune out the noise and stay focused on the work and what we’re building.
Wrap up
Elon Musk bought the largest share of Twitter. Becoming the biggest shareholder of Twitter opened the doors to becoming a member of Twitter’s media panel. However, on the same day, Elon Musk refused to become a member of the board. CEO’s Twitter Agrawal tweeted a lengthy statement about the background of the incident. Twitter refused to further expose the details about Elon Musk not joining Twitter’s board.
The outspoken Elon Musk is a generous investor and knows which domain of the business to hit. If Elon Musk had joined Twitter’s board, it would have limited his investment to 14.9 percent. Now, he is not a member of the board so he is free to go beyond the measurement to invest in Twitter.
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