I’m not sure if Twitter and Elon Musk has “finished” in the best or worst possible way. The reason for the inverted commas is obvious, of course, and is that the billionaire is still the majority shareholder of the social network. But, as our colleagues from MuyComputerPRO recounted this morning, and in an unexpected turn of events, Musk has finally resigned from being part of the board of directors of the social network.
What has happened? What has been the reason why you have backtracked on something that had already been publicly announced? We can speculate on the possible reasons that have led to this, but at the moment there is not a single official explanation about it. The only thing we know is that the resignation would have been of his own free will, and that Parag Agrawal, CEO of Twitter, has published a statement on the social network in which he reports this circumstance, while showing his predisposition and that of the board. to continue working with Musk.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here.
— Parag Agrawal (@paraga)
The tweet, how could it be otherwise, is totally friendly, respectful of Musk’s decision and, as indicated above, they are more than open to all the feedback that the billionaire, like the rest of the shareholders, wants. make them arrive. However, there are two interesting points in the note shared by Agrawal. The first is that there have been countless conversations about it (from Musk’s entry to the Twitter board of directors), and the second is that, maybe it’s just a form of courtesy, but he affirms that he thinks it is the best decision.
One of the conditions that Elon Musk had to accept to enter the board of directors of Twitter was to commit not to acquire more than 14.9% of the company’s shares. Let us remember that the purchase he made was for 9% of the shares, so his ability to move in this sense had a limit: another 5.9% of the shares, from there he could not pass. If in the short or medium term we see that Musk buys more securities and exceeds that 14.9%, we will already know the reason for this change of opinion.
Nevertheless, I find it hard to believe that this is the reason or, at least, that it is the only reason. And it is that in recent days we have been able to see how Musk’s unmistakable communication style, which also has its main speaker on Twitter, was directed directly towards (or against) the social network itself. From a survey that he could touch some other sensibility, to his occurrences this weekend, they are acts that have made us question how the billionaire would fit into the decision-making body of Twitter.
It is hard, if we stop to think about it, not to imagine the stir that the actions of Elon Musk, throughout the past week, could cause in the board of directors of Twitter. So, obviously I’m not saying that they had anything to do with the decision made by Musk, but I wouldn’t be surprised if, deep inside, more than one of them breathed a sigh of relief. And that is precisely what I read in Agrawal’s statement, stating that it is the best possible decision.
What do you think? What do you think has been the reason that Musk has decided not to sit on the board of directors?