Elon Musk will finally not be part of the board of directors of Twitter, despite announcing that he was going to join the team on April 5, just one day after acquiring 9.2% of the company.
The entrepreneur was supposed to become a member of the board of directors on April 9, but on the morning of the same day, Musk announced that he would not be joining. This was announced by the head of the social network Parag Agrawal via Twitter.
At the moment, there are no official statements from Elon Musk other than a tweet, later deleted, in which he replied with a smiley face to the official statement from the Twitter CEO.
Musk’s turnaround, however, could leave the possibility that he wants to implement even more the rise in the company’s shares. We know that at the moment, he owns 9.2%. If he had become a member of the board and had therefore sat down at the table with the various directors, he would not have been able to aspire to more than 14.9% of the company’s shares as per regulation. Yes, because a member cannot have more than 14.9% of the company’s shares.