SpaceX and Tesla CEO Elon Musk bought a 9.2% stake in Twitter, becoming the largest shareholder in the company. Musk was about to be appointed to Twitter's board of directors, with his term expiring in 2024, and he was limited from owning more than 14.9% of Twitter's common stock.
According to Twitter's filing with the US Securities and Exchange Commission (SEC), Elon Musk was to serve as a Class II director. Twitter's current CEO, Parag Agrawal, congratulated Musk on his new position and said his fresh perspective could benefit the platform.
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
Shortly after the disclosure, Elon Musk asked his followers on his Twitter if they wanted an edit button on the social media platform. Twitter CEO Parag Agrawal responded with a retweet:
The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB
— Parag Agrawal (@paraga) April 5, 2022
However, Elon Musk eventually decided not to join Twitter's board of directors, although he is the company's largest shareholder. Twitter CEO Parag Agrawal also announced the final news in a message to the company.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022