Parag Agrawal, chief executive of the social media company, wrote on Twitter that Musk was to be formally appointed to the board on Saturday after “many discussions” with the board. However, the Tesla CEO “shared the same morning that he would no longer be a member,” Agrawal said, without elaborating. “I think this is for the best,” he wrote, adding that the company “will remain open.” [Musk’s] Introduction”. The volte-face comes after the billionaire, a productive Twitter user with more than 80 million followers, harshly criticized the platform last week and called for product changes, including an edit button and an authentication mark for premium subscribers. Musk wrote: “Is Twitter dying?” in a recent tweet and posted a poll asking if the company’s headquarters in san francisco should be turned into a homeless shelter “since no one shows up anyway.” After it was announced that he would not be on the board, Musk tweeted an emoji of a person with his hand over his mouth, which is often interpreted as an expression of a smile. He did not immediately respond to a request for comment. https://twitter.com/elonmusk/status/1513373170333487104?s=20&t=F1Gz68z7Oimg4tDsoMgbYw The news about the businessman’s share on Twitter and the appointment of the board of directors was enthusiastically received by the investors. Shares jumped nearly 30 percent last Monday when a deposit on the U.S. Securities and Exchange Commission revealed that Musk had gained a passive 9.2 percent. They rose close to 10% in pre-market trading the next day when it was revealed he would be on the board. Musk later re-revealed his involvement to show his status as an active investor. However, the decision was met with concern by some Twitter employees and academics, who warned that Musk, a freedom-speech activist who has often been described as a libertarian, could use it to push for weaker content policies. Some have questioned whether the lifelong ban on Twitter by former US President Donald Trump would be reversed with Musk on the board. Analysts also questioned whether Musk’s ambitions would align with growing demands from advertisers, Twitter’s main source of revenue, for less toxic environments on social media platforms.

Agrawal said the company was initially “excited to work” with Musk, but was “clear about the risks”, adding that as a trustee, it would have to “act in the best interests of our company and all our shareholders”. ». . Musk’s supporters rushed to discuss why he decided not to take the board position. Some suggested that he did not want to be entrusted with the task of entrusting him with a job, which would probably mean that he would have to limit his controversial tweet to the company. Others pointed out that the deposit in which his appointment was announced stated that while he was a member of the board of directors, he would be allowed to hold only 14.9 percent of the company’s shares. Now, they noted, he would be free to build a larger share.

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