After the announcement last week of a 9.2% stake in Twitter, Elon Musk has notified the company that he will not join the board of directors. The reasons were not disclosed.
Twitter CEO says Elon Musk does not want to join its board
Last week, the announcement of Elon Musk’s 9.2% (or $37 billion) stake in the social network Twitter had started a massive stock rally in Twitter stock (TWTR) and Musk’s favorite cryptocurrency, Dogecoin.
This appointment of Elon Musk to the board of directors was supposed to take effect on April 9.
But this morning, Twitter CEO Parag Agrawal, announced in a tweet that the successful American entrepreneur would not be joining its board:
“We were excited to collaborate and aware of the risks. We also felt that having Elon as a trustee of the company where, like all board members, he must act in the best interest of the company and all of our shareholders, was the best path forward.”
The specific reasons were not disclosed. Elon Musk will remain influential in the decisions made by the board of directors.
In his statement, Parag Agrawal confirmed that the company obviously remains open to Elon Musk’s contribution:
“We have and will always value input from our shareholders, whether they are on our board or not.”
Elon Musk, Twitter and Dogecoin, a great love story
Elon Musk, best known as the CEO of electric car maker Tesla and space exploration company SpaceX, has been a fan of the social network Twitter for years. He frequently uses it to ask questions to his community, and to exchange with them. Even though he has criticized it many times for violating certain principles of free speech.
He is also a very strong supporter of cryptocurrencies, and he does not hesitate to present his views on the social network about this. His stake in Twitter has even fueled speculation about his favorite cryptocurrency, Dogecoin, which has jumped over 9%.
He proposed in a tweet this weekend that he could pay in DOGE for options present on the social network.
Dogecoin and Musk are a great love story. He posted several tweets and memes that referred to this cryptocurrency. In May 2021, he announced he was working with Dogecoin developers to improve the efficiency of the transaction system. With his millions of followers on Twitter (more than 81 million as of the date of this article), Elon Musk therefore has a great deal of influence on the price of this cryptocurrency.
His company Tesla even accepted Dogecoin payments for some items in its store last January. Also, Musk said he is willing to give free advertising to the American fast food chain McDonald’s if it accepts Dogecoin as a payment method.
The value of Dogecoin has increased by 12,000% between January and May 2021.
However, this morning’s announcement regarding its lack of board membership did not have a major impact on the cryptocurrency’s price. On the other hand, Twitter stock was moving lower in pre-opening U.S. market trading.
