Last week, speculation was rife about Musk’s large Twitter shareholding.
Nearly a week after filings revealed that Musk had a 9.2% stake, Elon Musk has decided not to join Twitter’s (TWTR).
Elon announced that Elon was stepping down from the board after his appointment to the board became effective on 4/9. Parag Agrawal , Twitter CEO, confirmed that “I believe this is for your best.” in a tweet.
“We were eager to work together and open about the potential risks. Agrawal said that Elon, as a fiduciary, of the company, where he, along with all board members, must act in the best interests of the company, and all shareholders, was our best option.
Agrawal said that Musk is still Twitter’s largest shareholder and that the company would continue to be open to his ideas. He stated that shareholders are valued input, regardless of whether they are members or not.
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
Stockholders have a stake in the company’s financial growth and own a portion of its stock. Musk and other large shareholders are often given a seat on the board of directors with the right to vote on how they control the company’s management and business operations.
Musk is best known for his role as CEO of Tesla’s electric-car maker (TSLA), and SpaceX’s space exploration company SpaceX. He is a strong supporter of cryptocurrency and frequently uses Twitter to share his views on crypto.
Last week’s news about his Twitter holdings caused temporary spikes in crypto markets. The likes of Dogecoin’s DOGE tokens surged by as much as 10%. However, crypto markets did not react to the announcement this morning.
Twitter dropped almost 5% in Frankfurt Monday, before recovering slightly, while Stoxx 600 Europe index slipped 0.7% and Germany’s DAX fell 0.9%.
Musk teased DOGE payments to Twitter services this weekend. He responded to a tweet regarding pricing for Twitter Blue’s monthly subscription.
Musk made fun of Twitter’s weekend. Musk made fun of Twitter’s weekend. He conducted a poll asking users whether Twitter’s San Francisco headquarters should become a “homeless shelter” and another polling responses for “Delete “
