Elon Musk will not join the Twitter board

Twitter CEO says Elon Musk doesn’t want to join his board

Last week, the announcement of the acquisition of a 9.2% stake. (i.e. $ 37 billion) by Elon Musk in the capital of the social network Twitter had initiated a large-scale stock market rally the Twitter action (TWTR) is Musk’s favorite cryptocurrency, Dogecoin.

This appointment of Elon Musk to the board of directors would take effect on April 9.

But this morning Twitter CEO Parag Agrawalannounced in a tweet that the successful American entrepreneur would not join its board of directors :

“We were excited about the idea of ​​collaborating and aware of the risks. We also felt that having Elon as a trustee of the company where, like all board members, he must act in the best interest of the company and all of our shareholders, was the best way forward.

The exact reasons were not disclosed.. Elon Musk will remain influential despite everything in the decisions made by the board of directors.

In his statement, Parag Agrawal confirmed that the company obviously remains open to the contribution of Elon Musk :

We have and will always appreciate feedback from our shareholders, regardless of whether or not they are on our Board of Directors.

👉 Find ours bitcoin (BTC) buying guide

Elon Musk, Twitter and Dogecoin, a great love story

Elon Musk, best known as the CEO of the electric car maker Tesla and the space exploration company SpaceXhas been a follower of the social network for years Twitter. He frequently uses it to ask questions of his community and to exchange with it. Although, it should be emphasized, he has repeatedly criticized him because according to him, violates certain principles relating to freedom of expression.

It is also a strong advocate of cryptocurrencies, and does not hesitate to present his views on social networks in this regard. Also his acquisition of a stake in Twitter fueled speculation on his favorite cryptocurrency, Dogecoinwhich jumped more than 9%.

He offered in a tweet this weekend that he could pay DOGE options on the social network:

Dogecoin and Musk is a great love story. He posted several tweets and memes referencing this cryptocurrency. In May 2021 you announced that you were working with Dogecoin developers to improve the efficiency of the transaction system. With his millions of Twitter followers (more than 81 million at the date of this article), Elon Musk has therefore a great influence on the price of this cryptocurrency.

His company Tesla even accepted payments in Dogecoin for some items in his store last January. Furthermore, Musk said he was ready to give free publicity to the American fast food chain McDonald’s if he accepted Dogecoin as a payment methods.

The value of Dogecoin has increased by 12,000% between January and May 2021.

However, this morning’s announcement regarding his absence from the Board of Directors did not have a major impact on the price of the cryptocurrency. On the other hand, Twitter shares were on a downward trend when trading on the US market prior to the opening.

👉 On the same topic – Elon Musk buys 9.2% of Twitter shares – DOGE rises by 9%

Source: Twitter

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About the author: Timote Bernini

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Passionate about the world of investments, cryptocurrencies have attracted my attention for some years. Having a great interest in the fields of new technologies and Web 3, that’s why I naturally wanted to write articles about Cryptoast, in order to contribute to the democratization of this universe in society.
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