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Wednesday, May 22, 2024

Elon Musk has chosen to step down from the Twitter board of directors: Parag Agrawal, CEO

Elon Musk has opted not to join the board of directors of Twitter, according to the company’s CEO, Parag Agrawal, who tweeted the news on April 11. While Agrawal did not elaborate on why Tesla CEO Elon Musk declined to accept a board membership, he did point out that Musk remains the firm’s biggest shareholder and that the company would be receptive to Musk’s comments.

Agrawal wrote in a short statement to the firm saying, among other things, “The Board of Directors and I had many talks regarding Elon joining the board, including one with Elon himself. We were both enthused about the prospect of working together and realistic about the hazards… On Tuesday, we announced that Elon will be named to the Board of Directors, subject to the results of a background check and his official acceptance. Elon’s nomination to the Board of Directors was set to become official on April 9, however he announced the next morning that he would no longer be joining the group. That’s why I feel it’s for the best. Elon Musk is our largest shareholder, and we will continue to welcome his suggestions.”

An SEC (Securities and Exchange Commission) report last week disclosed that Elon Musk, the creator of Tesla, had purchased 73,486,938 shares, or a 9.2 percent ownership in the microblogging site, via his Elon Musk Revocable Trust.

Following Musk’s poll on Twitter, which asked users if they believed that the social media platform “rigorously conforms” to the ideal of free expression, the SEC filing arrived only a few days after Musk launched the poll. Following a public dispute on Twitter over the poll, Agrawal publicly welcomed Tesla CEO Elon Musk to the board of directors.

Musk also provided a number of recommendations for Twitter over the weekend. Tesla and SpaceX CEO Elon Musk has suggested that the business could incorporate an authentication checkmark as a component of its Twitter Blue premium membership service, which costs $3 per month and is available to all users.

When a user’s account has been verified as legitimate, noteworthy, and active, Twitter displays the checkmark emblem next to the user’s name.

Twitter should differentiate between the authentication checkmarks issued to premium subscription accounts and the authentication checkmarks granted to official accounts belonging to prominent people, according to Musk.

According to Musk, such a step would significantly increase the number of verified user accounts while discouraging the spread of spam bot accounts by making them prohibitively costly to operate.

The CEO of Twitter, Elon Musk, also gave his thoughts on how the company should charge for its subscription membership, stating that the rate should be proportional to affordability and in local currency, and suggesting that there could be an option to pay in Doge. Specifically referring to the cryptocurrency Dogecoin.

Musk also said that there will be no advertisements. As long as Twitter is dependent on advertising revenue to operate, the ability of companies to control policy is dramatically increased.

David Faber
David Faber
I am a Business Journalist of The National Era
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