Entrepreneur and business tycoon Elon Musk gestured during a visit to the Tesla Gigafactory under construction on August 13, 2021 in Grünheide near Berlin, East Germany.
Patrick Pleul AFP | Getty Images
Days before Tesla CEO Elon Musk made an offer to buy Twitter for $ 43 billion on Thursday, Twitter CEO Parag Agraval warned of “impending distractions.”
Agraval’s initial warning came a week later on Twitter. First, about 9% of Musk’s stake in the company was revealed early last week, leading to a rise in Twitter shares. Agrawal then announced that Musk would join the Twitter board. Finally, Agraval announced that Musk had changed his mind and decided not to join the board.
This latest decision left the door open for hostile swallowing. Although the price of Twitter is relatively low for the billionaire, some analysts have questioned whether Musk would really like to spend his limited time. He already runs Tesla and SpaceX and has founded other ongoing initiatives such as The Boring Company and Neuralink.
Agraval provided scant details in his announcement Sunday that Musk would no longer join the board.
“We were excited to work together and made it clear about the risks. “We also believed that having Elon as a trustee of the company, where he, like all board members, should act in the best interests of the company and all our shareholders, is the best way forward,” he wrote.
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agraval continued. “The decisions we make and how we implement them are in our hands, not anyone else’s. Let’s muffle the noise and stay focused on the work and what we’re building. “
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WATCH: Elon Musk decides not to join Twitter’s board of directors
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