April 12, 2022: -Twitter shares fell in premarket trading Monday after CEO Parag Agrawal revealed that Elon Musk had abandoned his plan to join the company’s board.
The social media company’s stock tumbled more than 8% to less than $43 a share at 4 a.m. ET before recovering. At 7:09 a.m. ET shares were less than just 0.13% at $46.10.
On April 5, Musk and Twitter said he would be joining Twitter’s board. A day before, the Tesla and SpaceX CEO disclosed through financial filings that he’s Twitter’s biggest shareholder, holding a 9.2% stake in the firm.
On Saturday, Musk would have been appointed to Twitter’s board, but the richest man in the world informed the company on the day that he would not be taking the board seat. Twitter’s investor relations page will be updated, and Musk is listed as a board member.
“Elon has decided not to join our board,” Agrawal wrote on Twitter Sunday. “I sent a brief note to the company, sharing with you all here.”
In the note, Agrawal said that Musk remains the shareholder of Twitter, and the company will be open to his input.
“We were excited to collaborate and clear about the risks,” he wrote. “We also believed that having Elon as a fiduciary of the company where he, such as all board members, has to act in the best interests of the company and all our shareholders was the best path forward.”
If Musk had joined the board, he could not acquire more than 14.9% of the company’s shares. Although he’s no longer entering the board, he can theoretically increase his stake, should he wish to. Few industry experts speculated on Twitter that he might try to take over the company and rebuild it in the way he wants to.
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