In an interesting twist of events, Tesla’s CEO – Elon Musk – decided not to join the board of directors of the social media platform Twitter. The company’s Chief Executive Officer – Parag Agrawal – claimed, “this is for the best.”
Last week, Elon Musk purchased more than 70,000,000 Twitter shares or 9.2% of the firm’s passive stake. The move made him the largest shareholder of the social media giant.
The initiative was met with huge enthusiasm, and the pre-market prices of TWTR climbed by 25%, while the USD value of Dogecoin (Musk’s favorite cryptocurrency) also headed north.
Simultaneously with the purchase, Tesla’s CEO was appointed to Twitter’s board of directors. The billionaire did not lose time and started giving his ideas regarding the company’s better future. One of those proposals included the implementation of Dogecoin payments.
However, today (April 11), Twitter’s CEO – Parag Agrawal – revealed that Musk has reversed his decision to join the board of directors. The top executive did not give a reason for the U-turn but opined: “this is for the best.” He added that Tesla’s CEO is still the company’s biggest shareholder, and as such, Twitter will “remain open to his input.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
It is worth noting that Musk posted several tweets during the last few days. In some of them, he openly criticized the social media platform. Agrawal, on his end, said that this is exactly what the company needs.