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

File photograph: Elon Musk gestures throughout a dialog with legendary sport designer Todd Howard (not pictured) on the E3 gaming conference in Los Angeles, California, U.S., June 13, 2019. Reuters/Mike Blake/File Photograph

Twitter Inc 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 grew to become its largest shareholder, and it warned of extra drama with “distractions forward”.

Twitter Chief Govt 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 CEO’s choice.

Agrawal mentioned the deliberate appointment was on account of change into efficient on Saturday, which might have prevented the world’s wealthiest individual from changing into a helpful proprietor of greater than 14.9% of Twitter’s frequent inventory.

“I imagine that is for one of the best,” Agrawal mentioned within the observe. ( “There will probably be distractions forward, however our targets 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 electronic mail despatched to the corporate looking for a remark from the CEO.

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

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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 workers panicking over the way forward for the social media agency’s means to reasonable content material, firm sources advised Reuters.

Musk, a prolific consumer of Twitter, has made bulletins about his firm and a wide range 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 changing into the biggest shareholder, he launched one other ballot asking customers in the event that they wished an edit button, a long-awaited function on which Twitter has been working.

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 Inc’s founder Jeff Bezos.

On Saturday, Musk instructed 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.

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