Twitter CEO Parag Agrawal has announced that Elon Musk, the company’s largest shareholder, has stepped down from joining the Board of Directors. In his statement, he said: “The decisions we will make and how we will implement these decisions are entirely in our hands, not anyone else’s. Let’s turn down the volume and get down to business,” he said. Twitter shares were down 3 percent in pre-opening trading.
It was said that Elon Musk, who last week became the largest partner by acquiring 9.2 percent of Twitter, will join the firm’s Board of Directors. This statement was again made by Parag Agrawal.
Agrawal said today that Elon Musk has given up. In a written statement on his personal account, the Twitter CEO said, “We have been in various discussions with both Elon and the board regarding Elon’s joining the Board of Directors. We were excited about cooperating and were aware of the risks,” he said.
Emphasizing that they offered Elon Musk a place in the management because they believed that he was the best choice for the company, Agrawal continued his statement as follows:
“We announced on Tuesday that Elon will be joining the Board of Directors. Officially, this designation was to be effective as of April 9. However, on the morning of the same day, Elon reported that he no longer wanted to enter the administration. I believe that this is the best for everyone. It doesn’t matter whether he is on our Board of Directors or not. We will always continue to value the contributions of our shareholders. Elon is our largest shareholder and we will continue to be open to his views.
There will be deviations in the road ahead, but our goals and priorities have not changed. The decisions we will make and how we will implement these decisions are entirely in our hands, not someone else’s. Let’s turn down the volume and focus on our work.”
On top of this announcement, Twitter shares lost 3 percent in pre-opening trading on the New York Stock Exchange.