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Biggest Shareholder Elon Musk Declines Twitter Board Seat

Last Monday's SEC filing had seen Twitter’s shares jump 30 per cent on the back of the electric carmaker's new 9.2 percent shareholding in the social media company
April 11, 2022
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Elon Musk
Elon Musk

Days after he became Twitter’s biggest shareholder and was offered a Board seat, Tesla’s chief executive Elon Musk has reversed his decision to join the Board.

Prime Business Africa had reported that Twitter’s Chief Executive Parag Agrawal had tweeted that Musk would be joining the Board and would be bringing his rich experience to bear on the management of the social media company.

READ ALSO:Elon Musk Now Twitter’s Biggest Shareholder

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But according to Agrawal, the Tesla chief executive had “shared that same morning that he will no longer be joining the board.” Agrawal, however, did not give further details but explained that he believed Musk’s decision was “for the best”, and that the company would remain ‘‘open to (Musk’s) input.”

READ ALSO: Twitter Sees Big Change As Elon Musk Joins Board

On the back of last Monday’s filing at the United States’ Securities and Exchange Commission (SEC) that revealed Musk’s acquisition of 9.2 per cent stake,  Twitter’s shares had jumped about 30 per cent, rising to nearly 10 per cent the following day, when Musk’s board appointment was first announced by chief executive Agrawal

Uduegbunam Chukwujama
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Uduegbunam Chukwujama

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