KEY POINTS
Elon Musk has a 9.2% stake in TwitterHis appointment on Twitter’s board was to change into official April 4Musk declined to take board seat final Tuesday: Twitter CEOMusk urged a number of modifications to Twitter over the weekend
Tech billionaire and Tesla CEO Elon Musk shook up Twitter over the weekend with a raft of recommendations that will change the micro-blogging web site together with a tongue-in-cheek ballot — mockingly, on Twitter itself — that proposed to transform the San Francisco-based firm’s headquarters right into a shelter for the homeless, after which dropped the bombshell that he would now not declare a seat on the corporate’s board.
Twitter CEO Parag Agrawal tweeted Sunday night time that the world’s wealthiest man is now not becoming a member of the corporate’s board.
“We introduced on Tuesday that Elon could be appointed to the board contingent on a background test and formal acceptance,” Agrawal stated in a short be aware despatched to Twitter. “Elon’s appointment to the board was to change into formally efficient 4/9, however Elon shared that very same morning that he’ll now not be becoming a member of the board,” he stated.
Tech billionaire Elon Musk has reversed his resolution to affix the board of Twitter, the CEO of the social media agency stated Photo: AFP / Brendan Smialowski
“I consider that is for one of the best. We have and can all the time worth enter from our shareholders whether or not they’re on our board or not. Elon is our largest shareholder and we are going to stay open to his enter,” Agrawal added.
Musk has a 9.2% stake in Twitter.
Following the announcement, Dogecoin, which rallied over the previous few days in anticipation that Musk’s board seat would see it accepted as a fee possibility on Twitter, slid 1.26% to $0.1472 as of 12:54 a.m. ET on April 11, knowledge from CoinMarketCap confirmed. This is a steep decline from $0.1513, earlier than the information broke.
Earlier on Saturday, Musk had posted a Twitter ballot proposing to transform the micro-blogging web site’s San Francisco headquarters right into a homeless shelter as a result of “nobody reveals up anyway.” The ballot gathered 1,900,388 votes as of 1:02 a.m. ET on Monday, with 91.3% votes in favor of the Tesla CEO’s concept.
The Tesla co-founder additionally referred to as out personalities with large Twitter followings together with Taylor Swift, Justin Beiber, former U.S. president Barrack Obama, Katy Perry, Christiano Ronaldo, Lady Gaga and others. Musk famous the accounts “tweet not often and publish little or no content material.”
Musk particularly talked about Taylor Swift, who, in keeping with him, “hasn’t posted something in 3 months,” and Justin Beiber, who “solely posted as soon as this whole yr.”
Agrawal didn’t disclose why Musk turned down a seat on Twitter’s board, however it doesn’t appear associated in any technique to the tech billionaire’s Twitter exercise over the weekend.