Twitter says billionaire Musk not becoming a member of its board, warns of ‘distractions forward’

Twitter says billionaire Musk not joining its board, warns of 'distractions ahead' - Reuters
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April 11 (Reuters) – Twitter Inc (TWTR.N) mentioned on Sunday that Elon Musk rejected its supply to affix the social media agency’s board, a dramatic flip in per week when the billionaire turned its greatest shareholder, and it warned of extra drama with “distractions forward”.

Twitter Chief Government Parag Agrawal mentioned in a observe posted to Twitter that the corporate’s board held many discussions with Musk, however he didn’t state the explanation for the Tesla (TSLA.O) CEO’s determination.

Agrawal mentioned the deliberate appointment was on account of turn out to be efficient on Saturday, which might have prevented the world’s wealthiest particular person from turning into a useful proprietor of greater than 14.9% of Twitter’s frequent inventory.

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“I consider that is for the very best,” Agrawal mentioned within the observe. (https://bit.ly/3usFqhe) “There will likely be distractions forward, however our objectives and priorities stay unchanged.”

The announcement was so abrupt that Musk was nonetheless listed on Twitter’s board of administrators on its web site as of early Monday.

Musk, whose internet value is pegged at $274 billion by Forbes, responded solely with a face-with-hand-over-mouth emoticon on Twitter. Tesla didn’t instantly reply to an e-mail despatched to the corporate searching for a remark from the CEO.

Musk, who calls himself a free-speech absolutist and has been vital of Twitter, disclosed a 9.1% stake on April 4 and mentioned he deliberate to result in vital enhancements on the social media platform. learn extra

Elon Musk attends the opening ceremony of the brand new Tesla Gigafactory for electrical vehicles in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool through REUTERS/File Picture

The disclosure of the stake stoked widespread hypothesis on his intentions, starting from a full takeover of the platform to taking an energetic position in company choices.

Information of Musk taking a board seat had some Twitter staff panicking over the way forward for the social media agency’s capacity to average content material, firm sources advised Reuters. learn extra

Musk, a prolific consumer of Twitter, has made bulletins about his firm and quite a lot of points to his greater than 80 million followers on the social media platform.

Earlier than taking a stake, Musk ran a Twitter ballot asking customers in the event that they believed Twitter adheres to the precept of free speech.

A day after turning into the most important shareholder, he launched one other ballot asking customers in the event that they wished an edit button, a long-awaited characteristic on which Twitter has been working. learn extra

The Tesla boss additionally requested customers in a ballot if Twitter’s headquarters ought to be transformed right into a homeless shelter, a plan backed by Amazon.com Inc’s (AMZN.O) founder Jeff Bezos. learn extra

On Saturday, Musk recommended adjustments to the Twitter Blue premium subscription service, together with slashing its worth, banning promoting and giving an choice to pay within the cryptocurrency dogecoin. learn extra

Twitter shares, which soared 27% on April 4 after Musk disclosed his stake, have misplaced 7.5% since then to Friday’s shut.

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Reporting by Abinaya Vijayaraghavan in Bengaluru; Enhancing by Arun Koyyur, Miyoung Kim and Edmund Klamann

Our Requirements: The Thomson Reuters Belief Ideas.


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