There was an initial wave of enthusiasm among free speech advocates after Twitter CEO Parag Agrawal announced last week that tech billionaire Elon Musk would join Twitter’s board after buying 9.2% of the company’s share. This made him the company’s largest shareholder.
Many believed it was the first step to bringing back free speech to the social media platform that has repeatedly banned conservative voices.
However, after several discussions between Musk and the board, it has now been announced that Musk has turned down the invitation that was scheduled to come into effect on April 9, 2022.
It is uncertain what led to Musk changing his mind.
Perhaps Musk concluded that based on its current configuration, the Twitter board is not open to substantive changes.
Also, under the agreement to join the board, Musk was not allowed to purchase more than 14.9% of Twitter’s stock.
Twitter shares drop 8%
As some have noted, Musk’s decision not to join the board has resulted in the price of the Twitter stock dropping by 8% overnight. Is this teeing up for Musk to buy more stock? READ: Elon Musk’s Twitter Journey Takes Another Turn