Tesla and SpaceX founder Elon Musk (Image: Getty Images, PHILIP PACHECO)
Amazing reversal! Musk, who just announced last week that he will take over Twitter's board of directors, will no longer seek to join the company's board, the latest announcement from Twitter's current CEO.
Reuters reported on April 10 that Twitter CEO Parag Agrawal tweeted on Sunday that Elon Musk, Twitter's largest shareholder, had decided not to join the social media company's board. Agrawal took over from jack Dorsey, a former CEO who resigned last November.
Just a few days ago, the world's richest man just disclosed his 9.2 percent stake in Twitter, and he was offered a board seat that will take effect on Saturday. The move has sent some Twitter employees to consternation about their ability to review content in the future.
Musk's series of recommendations after making this announcement have caused an uproar.
The wind and sand are merciless, and it is not easy to persuade good
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On Saturday, Musk suggested a series of changes to Twitter, including twitter blue should ban ads, lower its $2.99 monthly fee, and even consider accepting cryptocurrency dogecoin subscriptions to the service. He also said subscribers should get a certification mark.
Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark
— Elon Musk (@elonmusk) April 10, 2022
The Twitter celebrity, who has about 81 million followers, wrote on Twitter: "The price may be $2/month, but with a 12-month upfront fee, and the account doesn't get a certification mark for 60 days (note credit card refunds), suspended if used for scams/spam, no refunds." ”
In response to another user's message, he suggested, "Maybe even the option to pay with Dogecoin?" ”
Musk also wrote: "And there are no ads. ”
Twitter declined to comment on Musk's proposal. Twitter's stock price surged 27 percent after Musk disclosed his stake on April 4 and has since fallen 7.5 percent by Friday's close.
Launched in June 2021, Twitter Blue is Twitter's first subscription service and offers "exclusive access to premium features" on a monthly subscription. The service is currently only available in countries such as the United States, Canada, Australia, and New Zealand.
The company has asked people to tip their favorite content creators with Bitcoin. Twitter said last year that it plans to support the certification of NFTs, i.e., unfortenable tokens, digital assets such as images or videos that exist on the blockchain.
Musk also launched a poll on his Twitter account asking if the company's San Francisco headquarters should be converted to a homeless shelter because "no one goes [to work there]." The vote received more than 300,000 votes in one hour, with 90 percent of them answering yes.
After Twitter announced Tuesday that Musk would be appointed to the board, Keith Higgins, the former corporate finance director of the Securities and Exchange Commission (SEC), said that as a director, Musk may need to file a more detailed filing form with the SEC to explain his investment plans.
The SEC has previously taken enforcement action against some people who repeatedly missed the ownership disclosure deadline. According to lawyers, Musk's disclosure issues could further exacerbate his ongoing legal arguments with the SEC.
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