SAN FRANCISCO: Elon Musk rejected Twitter’s offer to join its board in an abrupt turn even as he suggested ideas ranging from removing advertisements to dropping the letter “w” in the social media company’s name.
The board held many discussions with Musk, Twitter Chief Executive Officer Parag Agrawal said in a note, while warning of “distractions ahead.” He did not disclose the reason for the Tesla chief’s rejection.
The latest surprise stoked chatter ranging from the possibility of a buyout to his moves to avoid further attention from the US Securities and Exchange Commission. Musk was expected to join the board on April 9 following his disclosure of a 9.1% ownership of Twitter shares, but the role would have capped his stake at 14.9%.
With the rejection, Musk, who is now the company’s biggest shareholder, is free to raise his stake above that limit. “I believe this is for the best,” Agrawal said in the note. “There will be distractions ahead, but our goals and priorities remain unchanged.”
Musk responded only with a face-with-hand-over-mouth emoticon on Twitter. He seems to have deleted the tweet and a number of others over the weekend, including his musings on removing ads and an authentication checkmark for Twitter subscribers who pay $3 a month.
Musk disclosed the stake on April 4 and said he planned to bring about significant improvements at the social media platform. The news stoked widespread speculation on his intentions, ranging from a full takeover of the platform to taking an active role in corporate decisions.
News of Musk taking a board seat had some Twitter employees panicking over the future of the social media company’s ability to moderate content. Before taking a stake, Musk ran a Twitter poll asking users if they believed Twitter sticks to the principle of free speech.
A day after becoming the largest shareholder, he launched another poll asking users if they wanted an edit button, a long-awaited feature on which Twitter has been working. He also asked users in a poll if Twitter’s headquarters should be converted into a homeless shelter.
On Saturday, Musk suggested changes to the Twitter Blue premium subscription service, including slashing its price, banning ads and providing a payment option in the cryptocurrency dogecoin.
