Elon Musk finally declines his seat on Twitter’s Board of Directors

Never short of surprises, Elon Musk will therefore not join the board of the social network. After asking for an active role within Twitter, he gives up this opportunity.

Elon Musk, one of the most influential businessmen of the moment, at the head of Tesla, Neuralink or even SpaceX, is decidedly difficult to follow. Fine strategist, undecided or just wanting to be in the spotlight, he has just made an about-face and will not ultimately take a seat on Twitter’s Board of Directors.

In early April, the billionaire had reached a 9.2% stake in the capital of Twitter, thus placing him as the company’s largest shareholder. Anxious to respect the mandatory steps, he then specified to the stock market policeman, the SEC, that he would only have a passive role in the strategy and decision-making of the social network. Shortly after, he informed the SEC of his desire to have a more active role.

Twitter CEO Parag Agrawal officially announced that the Board of Directors was offering him a seat. Musk was to serve there beginning April 9. This was ultimately not the case.

A sharp turnaround

Today, Agrawal tweeted that Elon Musk is backing out of that offer. He will only be a shareholder. In his publication, the leader of Twitter indicates that before Elon Musk joined the ship, the company had to assess the risks. Would the conclusions have been unfavorable? Was the excitement created by this news ultimately feared by both parties? Was it a desire for partnership or simply a com-marketing stunt?

At this stage, it is still too early to form a clear idea. But Elon Musk has been under increased scrutiny from the SEC for some time now. A new suspicion of price manipulation would not be welcome for the businessman who has already caused too much talk about him in this sense with his provocative tweets.

Parag Agrawal, however, clarifies that the decision to step down from the Board came from Musk himself: Elon’s arrival on the board was to become officially effective on April 9, but Elon let it be known this very morning that he was no longer joining the board. “. And to add: Elon is our largest shareholder and we will remain open to his suggestions. “. An officially more indirect advisory role, therefore.

For his part, the compulsive Twitter user reacted weakly to this statement. A simple tweet with a laughing smiley, without any text. The latter has now disappeared from the platform.

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