Ever since Elon Musk has taken up shares of Twitter, there has been uproar all over the internet. Even after being the Twitter shareholder with the most shares, Elon Musk Not Joining Twitter Board leaves us all in a surprising state.
Twitter CEO Parag Agarwal announced that Elon Musk is no longer joining Twitter’s board. The news is quite shocking for everyone but this is all you can expect from Elon Musk, to expect the unexpected.
Elon Musk who had been appearing so willing to bring modifications to Twitter’s platform has refused to join the Twitter board. But why? What could be the possible reason Elon Musk refused to take up such an important position? Let us find out why Elon Musk didn’t join the Twitter board of directors.
How Many Shares Of Twitter Does Elon Musk Hold?
As of the reports, Elon Musk has taken up about 9.2% of the total shares of Twitter which is the greatest amount of shares among all the other shareholders of Twitter. In fact, the amount of shares of Twitter that Elon Musk holds is more than 4 times what Twitter founder Jack Dorsey is holding.
Who Are The Current Board Members Of Twitter?
Let us first check who are the people currently appointed as board members of Twitter. These are the members who collectively made a decision to announce Elon Musk for joining the board of directors of Twitter.
- Parag Agarwal – CEO, Twitter; serving since July 2011.
- Bret Taylor – Co-CEO, Salesforce; serving since July 2016.
- Jack Dorsey – Co-Founder, Twitter; Co-founded Twitter Inc. in 2006.
- Egon Durban – Co-CEO, Silver Lake; Serving since March 2020.
- Mimi Alemayehu – Senior Vice President for Public-Private Partnership at Mastercard.
- Martha Lane Fox – Founder and Chairperson, Lucky Voice Group; serving since April 2016.
- Omid Kordestani – Former Executive Chairman, Twitter; serving since October 2015.
- Patrick Pichette – General Partner, Inovia Capital; serving since December 2017.
- David Rosenblat – CEO, 1stdibs.com; serving since December 2010.
- Robert Zoellick – Former chairman of the Board of Directors of AllianceBernstein Holding L.P.; serving since July 2018.
Why Did Elon Musk Not Joining Twitter Board?
Elon Musk was all set to join the Twitter board of directors. But now, Elon Musk Not Joining Twitter Board has been a shock.
The board of Twitter thoroughly discussed Elon Musk being a part of the Twitter board and finally offered Elon Musk a seat on the board of directors of the company. He was offered the position of Class II director and he would be posted to that position till the year 2024.
But just as Elon Musk was offered the seat as a member of the board, he refused to take it. Elon Musk shared that he is no longer willing to join the board of directors of Twitter.
Elon Musk, who has been seen sharing the need for modifications and features required on Twitter’s platform, got such a great chance to join Twitter’s board of directors and actively make decisions related to the company. Then, what could possibly be the reason he didn’t accept the offer for joining the Twitter board?
Well, there is only one possible explanation for this situation. As per the rules, a member of the board of directors of Twitter is not allowed to take up more than 14.9% of the company’s shares. This is the only reason that we can see for Elon Musk not joining the Twitter board of directors.
Just as Elon Musk rejected the offer to position himself on the board of directors of Twitter, the shares of Twitter greatly went down in their value.
Is Elon Musk Planning To Buy More Shares Of Twitter?
Elon Musk Not Joining Twitter Board news leads to one question and that is Is Elon Musk planning to buy more shares of Twitter?
From the looks of it, the only thing that can be interpreted is that Elon Musk is surely planning to buy more shares of Twitter, or else why would he not accept his position as a member of the board of directors of Twitter.
In the coming time, Elon Musk is highly anticipated to buy a lot more shares of Twitter, and the value of the shares he will hold will obviously exceed 15% because that is the reason he didn’t become an active investor in Twitter so that he can buy more shares of Twitter.
After all, who has the capability to limit the very own Elon Musk from getting what he wants to. Musk plays his cards cleverly and makes logical decisions with all his mind which no one can predict before it actually happens.
Related: How To Co-Author Tweet On Twitter
That’s all for Elon Musk Not Joining Twitter Board. Well, the exact reason behind Elon Musk not joining the board of directors of Twitter will be visible in the coming time.
And, as soon as any such thing happens, we will inform you about that all through our articles. To keep yourself updated with such information related to various social media platforms, keep reading the articles on our website Deasilex.