Twitter Inc said on Sunday that American billionaire, Elon Musk rejected its offer to join the social media firm's board.
This is a dramatic turn in a week when the billionaire became its biggest shareholder, and it warned of more drama with"distractions ahead," Reuters reports. Twitter Chief Executive Parag Agrawal said in a note posted to Twitter that the company's board held many discussions with Musk, but he did not state the reason for the Tesla CEO's decision.Agrawal said the planned appointment was due to become effective on Saturday, which would have prevented the world's wealthiest person from becoming a beneficial owner of more than 14.9% of Twitter's common stock."I believe this is for the best," Agrawal said in the note.
Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% stake on April 4 and said he planned to bring about significant improvements to the social media platform.The disclosure of the stake stoked widespread speculation on his intentions, ranging from a full takeover of the platform to taking an active role in corporate decisions.
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