In a surprise announcement, Elon Musk turned down a seat on Twitter's board of directors, according to a recent post by the company CEO, while speculations abound on the rejection as Musk was increasingly vocal about bringing about changes on the platform.
Musk posted a hand-over-mouth smiley following Agarwal’s post.
The Tesla CEO's appointment to Twitter's board would have effectively capped his ability to own more than 14.9 percent of the company stock. When his filing was made public, the world’s richest man owned about $2.89 billion in Twitter stock, which is around 9.1 percent of the total company value.
Twitter shares rallied more than 25 percent following the announcement and it has now settled over 9 percent lower than the high set on April 5.
Over 70 percent of respondents answered, “No.”
Numerous conservative voices had called out to Musk to remove restrictions on free speech on the platform and reinstate former President Donald Trump's Twitter account.
However, Musk’s intentions remain unclear at the moment.
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal said in his note to Twitter staff. “Let's tune out the noise, and stay focused on the work and what we're building.”
“And no ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”
Almost 90 percent of Twitter revenue comes from advertising.