Tesla Ceo Elon Musk Gives Up Twitter Board Seat
Elon Musk, chief executive officer of Tesla Inc. in the United States, dropped out of joining the board of directors of social platform Twitter.
The U.S. Consumer News & Business Channel reported that Musk informed Twitter on the morning of the 9th that he would not be on the Twitter board. Twitter CEO Parag Agrawal announced on the 10th that Musk remains Twitter's largest shareholder; Twitter remains open to Musk joining the board in the future.
Agrawal did not state the specific reason for Musk's change of heart. Just last weekend, Musk sent out a series of tweets with ideas for transforming Twitter and its products. He tweeted last week, "Looking forward to working with Parag and the Twitter board to make significant enhancements to Twitter in the months ahead!"
The Wall Street Journal reported last week that after Twitter learned that Musk had bought 9.2 percent of Twitter's stock, Agrawal and other Twitter executives spoke frequently with Musk, ultimately deciding to offer Musk, who has become the largest shareholder, a seat on the board.
The report said at the time that, according to the agreement with Twitter, Musk's term as a director was two years and his shareholding could not exceed 14.9 percent during his tenure. In theory, giving up a seat on Twitter's board would mean that Musk could continue to increase his stake in the company to even more than 14.9 percent.
Musk has more than 80 million followers on Twitter. While Tesla's competitors are investing heavily in brand marketing or product advertising, Musk tweets frequently, acting as a "living advertisement" for Tesla.
The U.S. Consumer News & Business Channel reported that Musk informed Twitter on the morning of the 9th that he would not be on the Twitter board. Twitter CEO Parag Agrawal announced on the 10th that Musk remains Twitter's largest shareholder; Twitter remains open to Musk joining the board in the future.
Agrawal did not state the specific reason for Musk's change of heart. Just last weekend, Musk sent out a series of tweets with ideas for transforming Twitter and its products. He tweeted last week, "Looking forward to working with Parag and the Twitter board to make significant enhancements to Twitter in the months ahead!"
The Wall Street Journal reported last week that after Twitter learned that Musk had bought 9.2 percent of Twitter's stock, Agrawal and other Twitter executives spoke frequently with Musk, ultimately deciding to offer Musk, who has become the largest shareholder, a seat on the board.
The report said at the time that, according to the agreement with Twitter, Musk's term as a director was two years and his shareholding could not exceed 14.9 percent during his tenure. In theory, giving up a seat on Twitter's board would mean that Musk could continue to increase his stake in the company to even more than 14.9 percent.
Musk has more than 80 million followers on Twitter. While Tesla's competitors are investing heavily in brand marketing or product advertising, Musk tweets frequently, acting as a "living advertisement" for Tesla.
