UPDATE: Tesla CEO Elon Musk will not join Twitter’s board after all

Compiled from multiple Associated Press stories
Tesla CEO, Elon Musk joins Twitter’s board of directors[The Babylon Bee / YouTube / Twitter]

Twitter’s largest investor, billionaire Elon Musk, is reversing course and will no longer join the company’s board of directors less than a week after being awarded a seat. Twitter CEO Parag Agrawal announced the news, which followed a weekend of Musk tweets suggesting changes to Twitter, including making the site ad-free.

Nearly 90% of Twitter’s 2021 revenue came from ads.

Musk, it was revealed last week, had quickly amassed a massive stake in Twitter to become its largest shareholder. Agrawal didn’t offer an explanation for the reversal, but said that the decision was made by the mercurial billionaire.

Original story from April 5

Elon Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform. Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.

Musk, either alone or as a member of a group, won’t be allowed to own more than 14.9% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.

The ultimate aim of Musk’s 73.5 million share purchase worth $3 billion is not clear, yet in late March Musk, who has 80 million Twitter followers, questioned free speech on Twitter and whether the platform is undermining democracy. The regulatory filing Monday doesn’t make clear when Musk bought the stock, but says the filing was triggered by an event on March 14. Musk has also raised the possibility on Twitter of starting a rival social media network.

Twitter’s rose another 4.9% after disclosing the arrangement with Musk.

On Monday, Musk Tweeted a question to his followers regarding the need for an edit button on Twitter.