NEW YORK, NY - MAY 07: Grimes and Elon Musk attend "Heavenly Bodies: Fashion & the Catholic Imagination", the 2018 Costume Institute Benefit at Metropolitan Museum of Art on May 7, 2018 in New York City. (Photo by Taylor Hill/Getty Images)
Just a short week after revealing that Elon Musk had purchased a major stake in Twitter and may join its board of directors, Twitter’s CEO shared that Musk has decided not to join the board and added “I believe this is for the best.”
Parag Agrawal shared the internal memo he distributed to Twitter staff this morning, which walked them through the timeline of the situation. He said that they “believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward.” This sentence loosely implies that Musk’s current behavior is not always in the best interests of the company, and maybe they hoped he would rein it in with a board seat.
From Agrawal’s memo, it seems like it was Musk’s decision entirely to step down from the board. He wrote, “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board.”
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