Tuesday, May 24, 2022

Elon Musk rejects offer to be on Twitter’s board of directors

SpaceX and Tesla chief executive officer Elon Musk has rejected his place on Twitter’s board of directors.

Musk was slated to officially join the company’s board on April 9 following his large share purchase earlier last week, which sent his total Twitter stake to 10 per cent.

Now that Musk will not have a seat on the board, he is free to purchase more Twitter shares. Some experts have speculated that this opens up opportunities to purchase the company outright in a takeover maneuver.

At the time of writing, his name has been removed from the company’s board of directors membership list.

In a statement, Twitter CEO Parag Agrawal wrote that although Musk will no longer be a part of the board, the company will remain open to his input as Twitter’s biggest shareholder. The statement did not explain the reason for Musk’s refusal on such short notice. Musk has also been mum regarding his rejection of the position.

Musk has had a love-hate relationship with Twitter. He had previously questioned the company’s policies on free speech, but also frequently uses the platform to share news from his companies, and memes. The news that Musk would become a Twitter board member stirred worries that it would give him too much power to influence Twitter’s policies.

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Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT World Canada. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at tli@itwc.ca.

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