Elon Musk decided against joining Twitter's board, CEO says, and 'this is for the best'
Twitter CEO Parag Agrawal announced Sunday night — on Twitter, naturally — that Tesla CEO Elon Musk informed him Saturday that he will not join Twitter's board of directors, as planned. Agrawal said he was sharing what he could about what happened.
After Musk became Twitter's largest individual shareholder, the company invited him to join the board, in part because 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," Agrawal wrote, adding that the appointment was "contingent on a background check." The morning his appointment was to take effect, Musk backed out, he added. "I believe this is for the best."
"Elon is our biggest shareholder and we will remain open to his input," Agrawal said. "The decisions we make and how we execute is in our hands, no one else's."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Bormio: 'a great Alpine getaway'
The Week Recommends From snowy slopes and hot-spring spas, to high-end food and wine, this Italian town has something to offer everyone
By Asya Likhtman Published
-
Crossword: March 28, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku medium: March 28, 2024
The Week's daily medium sudoku puzzle
By The Week Staff Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published