Elon Musk has rejected an offer to sit on the Board of Directors at Twitter, fueling speculation he has bigger plans in store.
Twitter’s CEO Parag Agrawal tweeted the update sent to employees late Sunday night.
“We were excited to collaborate [with Elon] and clear about the risks. We also 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. The board offered him a seat.”
“Elon’s appointment to the board was to become official effective 4/9, but Elon shared that same morning that he will no longer be joining the board.”
Despite indicating he wanted Musk on the board, Agrawal went on, strangely contradicting himself, saying that he “believe this is for the best.”
Agrawal’s final comment alluded to upcoming “distractions,” which he said should be ignored.
“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
Plenty of speculation followed Agrawal’s comments, particularly his reference to the expected “distractions.”
“If Elon took twitter board seat, he’s limited to owning less than 15 [per cent] of the stock and would also be caged via fiduciary duties,” wrote political commentator Mike Cernovich in a Tweet.
“By declining a board seat, he’s either over Twitter already or he plans to go much bigger. The line about “distractions” here suggests it’s the latter.”
While this is only speculation, Musk liked a tweet that supported the hypothesis that being on the board would compromise his free-speech vision for the company.
This all follows a fleury of Twitter drama since Musk’s purchase of Twitter stock was announced.
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
“What should be done?” Musk tweeted on March 26.
“Is a new platform needed?”
“A prominent transphobe buying a large stake in Twitter is not at all funny,” a transgender Twitter data scientist tweeted. “I’m honestly kinda terrified [right now].”
So far, Musk hasn’t disseminated his plan for reforming Twitter but has suggested that users should have an edit button and that those that pay $3.00 for a monthly subscription should gain at least some privileges enjoyed by Blue Checkmarks.