The largest investor in Twitter is reversing course and will not be joining the company’s board of directors. This news comes less than a week after Elon Musk was awarded the seat. Twitter CEO Parag Agrawal made the announcement, which was after a weekend of Musk tweets suggesting changes to Twitter.
One of his suggestions was making the site ad-free which makes up nearly 90 per cent of Twitter’s 2021 revenue came from ads. Agrawal wrote in a reposted note “Elon’s appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board.”
Agrawal explained that he “believed 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,” Exactly one week ago, regulatory filings revealed the mercurial billionaire had acquired 9.2 per cent stake in the company.
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