Twitter says billionaire Musk has not joined his team, warns of ‘forward distractions’

April 11 (Reuters) – Twitter Inc (TWTR.N) On Sunday Elon Musk turned down his offer to join the social media company’s board, a dramatic turnaround when the billionaire became its biggest shareholder in a week, and it warned of further drama with “forward distractions”.

In a post on Twitter, Twitter CEO Barack Agarwal said that the company’s board had held several discussions with Musk but did not give a reason for Tesla. (TSLA.O) Decision of the CEO.

Agarwal said the scheduled meeting would take effect on Saturday, which would prevent the world’s richest man from becoming the owner of more than 14.9% of the common stock of Twitter.

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“I hope this is the best,” Agarwal said in the note. (https://bit.ly/3usFqhe) “There will be distractions ahead, but our goals and priorities will remain unchanged.”

The announcement came so abruptly that Musk was still listed on Twitter’s board of directors on its website early Monday.

Musk, whose net worth is estimated at $ 274 billion by Forbes, responded via Twitter with a face-to-face-mouth-emoticon. Tesla did not immediately respond to an email sent to the company seeking the CEO’s opinion.

Musk, who calls himself an independent speaker who has been critical of Twitter, released a 9.1% stake on April 4 and said he plans to make significant improvements on the social media platform. read more

Elon Musk attends the opening of the new Tesla Gigafactory for electric cars on March 22, 2022 in Groenheid, Germany. REUTERS / File Photo by Patrick Pleul / Pool

The issuance of the shares sparked widespread speculation about his intentions, from the complete acquisition of the site to his active participation in corporate decisions.

Company sources told Reuters that the news that Musk had taken the board seat had raised fears about the future of some Twitter employees’ ability to control the content of the social media company. read more

Musk, a top user of Twitter, has posted announcements about his company and various issues to his more than 80 million followers on the social media site.

Before taking stock, Musk conducted a Twitter poll, asking if users believe Twitter adheres to a free speech policy.

A day after becoming the largest shareholder, Twitter launched another poll asking users if they want the Edit Button, a long-awaited feature that has been active. read more

Tesla’s employer asked users in a poll whether to turn Twitter’s headquarters into a homeless shelter, a project backed by Amazon.com Inc. (AMZN.O) Founder Jeff Bezos. read more

On Saturday, Musk suggested changes to the Twitter Blue premium subscription service, including lowering its price, banning advertising and offering the option to pay in cryptocurrency token. read more

Shares of Twitter, which had risen 27% on April 4 after Musk disclosed its shares, lost 7.5% until the close on Friday.

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Report by Abhinaya Vijayaragavan in Bangalore; Editing by Arun Coeur, Myong Kim and Edmund Cleman

Our standards: Thomson Reuters Trust Principles.

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