Elon Musk won’t be joining Twitter’s board of directors after all. In a company-wide note which he subsequently shared on Twitter this morning, Twitter CEO Parag Agrawal revealed that Musk had declined the offer of a board seat on Saturday morning (9 April), the same date the appointment would have officially become effective.
In the note, Agrawal commented that the Twitter board had initially believed Musk’s appointment would have been the best path forward, given that as a board member, he would have to “act in the best interests of the company” and all its shareholders. However, “I believe this is for the best”, he said of Musk’s decision not to accept the appointment.
Comments on Twitter speculate that Musk turned down the board seat because it would have placed restrictions on the size of his shareholding in the company – Twitter’s board members are capped at 14.9% shareholding for the duration of their term. Had Musk accepted the seat, he would have been subject to that cap until 2024.
Musk himself has not made any public statements about his decision, although he continued to make jabs at Twitter over the weekend. And at the time of writing, Twitter’s investor relations site still lists him on the board of directors.
A Musk-less Twitter board may come as a relief to some, but it will probably disappoint others who had expected to see him in action at the next board meeting – which he had promised in a tweet last week before he turned down the seat, would be “lit”.