Bloomberg estimates Musk’s net worth at $288 billion.
San Francisco After his surprising entry into Twitter, tech billionaire Elon Musk is not joining the group’s board of directors. His appointment should have officially come into force on April 9, “but Elon announced the same morning that he will no longer join the Board of Directors,” Twitter CEO Parag Agrawal wrote on Sunday evening (local time). “I believe that this is the best.“
In early April, it became known that Musk became the largest shareholder of Twitter with a 9.2 percent stake. At first it had looked as if he wanted to be content with a passive role as an investor
However, shortly after, his appointment to the company’s board of directors became public. The prerequisite for this was a background check and a formal consent, Agrawal wrote.
Musk’s entry into the Board of Directors would have prevented him from owning more than 14.9 percent of the common stock. On April 4, the Tesla CEO announced that he would hold a 9.1 percent stake in Twitter. “Elon is our largest shareholder and we will continue to be open to his contribution,” Agrawal stressed.
Musk himself did not comment on the issue. On his Twitter account, he just posted an emoji with his hand in front of his mouth. Tesla did not immediately respond to a request for comment. The news that Musk is seeking a seat on the board of directors has caused some Twitter employees to panic, as several company insiders told Reuters.
In the past, Musk has repeatedly been at loggerheads with the US Internet network, for example, when he accused Twitter of undermining freedom of expression.
Only in November, founder Jack Dorsey had withdrawn from the top of the group and handed over the baton to Agrawal. Musk holds 73.5 million Twitter shares worth several billion dollars. He is himself an avid Twitterer with more than 80 million followers.
He called on them last week to vote on a so-called editing option, which Twitter has so far rejected. In less than three hours, more than 1.2 million users took part in the survey. About three-quarters were in favor of Twitter allowing the correction of tweets afterwards.
Meanwhile, the Tesla boss followed up with a new survey on Twitter. He asked users if the Twitter headquarters in San Francisco should be converted into a homeless shelter, a plan that Amazon founder Jeff Bezos supports. Most recently, the billionaire proposed changes to the premium subscription service Twitter Blue, including lowering the price, banning advertising and the ability to pay with the Dogecoin cryptocurrency.
The 50–year-old Musk is by far the richest person in the world thanks to his investments in Tesla and the space company SpaceX – above all thanks to his investments in the electric car manufacturer Tesla and the space company SpaceX. The financial service Bloomberg estimates his fortune at recent stock prices at $ 260 billion.