Tech
Elon Musk declines offer to sit on Twitter’s board
Elon Musk, who recently purchased a large stake in Twitter, has declined to join the social media company’s board
Billionaire Elon Musk who recently bought a large stake in Twitter has decided not to join the social media company’s board.
It was expected that Musk, who is the CEO is Tesla, would join the board of the social media app after becoming the largest shareholder.
The chief executive of Twitter revealed the news in a tweet stating that he will always value input from shareholders whether they are on our Board or not.
Twitter initially planned to have Elon Musk sit on the board for a term that would end in 2024
Elon Musk recently acquired a massive 9 percent stake in Twitter, essentially making him the largest shareholder of the social media giant.
If Musk agreed to join the board, he would also be agreeing to a condition that he does not acquire more than 14.9 percent of shares in the company.
Stocks in Twitter surged during the announcement that Musk had purchased a large percentage of the company.