In his statement to colleagues, which he shared publicly on Twitter, Agrawal said the board had been “clear about the risks” of Musk joining the board. He said the board believed that appointing Musk as a fiduciary of the business who “has to act in the best interests of the company and all our shareholders” was the best path forward.
However, Agrawal said Musk had told the company on Saturday, the day that his appointment was due to become effective, that he would no longer be joining. Agrawal added: “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.”Musk has frequently taken issue with Twitter’s moderation policies, having said last year that “a lot of people are going to be super unhappy with West Coast hi-tech as the de facto arbiter of free speech”.
In March, after acquiring his large stake in the company but before it was publicly known, he posted: “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?”. By the end of the week the shares were up 17% – but were down more than 7% in pre-market trading on Monday, after Agrawal revealed Musk would not be joining the board after all.
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