In a surprising turn of events, Tesla CEO Elon Musk has declined the offer to join Twitter’s board. After a week of anticipation and memes, the CEO of Twitter, Parag Agrawal, has shared a post letting people know that the billionaire will not be joining Twitter’s board of directors after all. This came as a surprise to so many especially because Elon Musk seemed to be somewhat excited to attend the first board meeting in the past week.

Elon Musk is Twitter’s Largest Shareholder

Barely a week ago, Musk became Twitter’s largest shareholder when he bought nearly 10% stake of the social media giant. Parag Agrawal took to Twitter to welcome Musk to the company and shared that they’re officially appointing him to the board. Former CEO of Twitter, Jack Dorsey, also welcomed the Tesla CEO and expressed his joy over him joining the company and teaming up with Agrawal adding that he believes the duo is exactly what Twitter needs right now.

Since then, memes and jokes have been flying on Twitter over Elon Musk’s first board meeting, one in particular shared by the billionaire himself. Most of these memes show enthusiasm for the appointment. Musk has been actively showing interest in the things he wants to change about Twitter. Like the fact that most of the platform’s biggest accounts rarely tweet and that he wants to include an ‘edit’ button and make a few changes to the ‘Twitter Blue’ feature by integrating Dogecoin as a payment method for it.

He shared an idea that suggests Dogecoin be used as a payment method for people to purchase Twitter Blue, a feature that makes an ‘edit’ button available to a tweet for a few seconds after its sent. The tweet came as a response to a Twitter user who asked Musk to make Twitter Blue cheaper than $3 for Argentinians as the amount is really expensive in their currency. Musk replied “Yes, should be proportionate to affordability & in local currency” and then added, a couple minutes later, “Maybe even an option to pay in Doge?” 

Elon Musk Declines to Join Twitter’s Board

After all these, you can see why a lot of people are shocked that Elon Musk declined to join the platform’s board. As shared in a post by Agarawal, Musk’s appointment was to be effective starting Saturday morning, April 9th, but the billionaire has shared, on the very same morning, that he will no longer be joining the board. Agrawal added that whether or not he’s on the board, Musk’s opinions and inputs will still hold value as with all their other shareholders.

This news comes two days after Musk, Jack Dorsey and Adam Back collaborated to launch a solar-powered Bitcoin mining facility in Texas. CNBC shared that the facility is to be finished later in the year. Adam Back’s Blockstream will be in charge of supplying the mining equipment as well as the facility’s engineers, and providing reports on the project’s progress.

Elon Musk has shared several posts about the facility. Although he is yet to post anything about his rejection to join Twitter’s board. It has been 48 hours since he last tweeted anything and I am sure a lot of people are eagerly waiting to hear from him. 

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Billionaire Elon Musk has yet again made headlines as the Tesla and SpaceX CEO recently bought a 9.2% stake in social media company Twitter.

According to the new SEC Filing, Musk holds 73,486,938 shares in Twitter, representing nearly a 9.2% worth of passive stake in the company, which makes him one of the biggest shareholders of the platform.

Musk Buys 9.2% Stake In Social Media Company Twitter

According to the Securities and Exchange 13G Filing shared on Monday, Musk has acquired a 9.2% stake in Twitter which is worth $2.89 billion. The particular investment has made Musk one of the biggest shareholders of the platform.

Previously, Musk had organized a survey poll on Twitter, asking his followers to provide insight on whether the social media company adheres to the principles of free speech.

Since the majority of people responded no, the Tesla CEO had stated that he was giving some “serious thought” to launching a platform of his own.

Musk acquiring a stake in Twitter has significantly impacted the prices of its shares, which have surged a striking 27% after the SEC 13G filing was revealed on Monday. The filing also shows that the purchased Twitter shares are held by Musk’s Revocable Trust, of which he is the sole trustee. Moreover, the surge in shares added $8.38 billion to Twitter’s market cap, which currently sits at $40.8 billion.

Musk is known as an ardent Twitter user and has always utilized the social media platform to openly voice his opinions on critical matters. Moreover, the Tesla chief boasts a following of 80 million followers, making him one of the biggest tech personalities on Twitter.

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