Elon Musk has change his mind and will not be joining the board of Twitter (TWTR:NYSE), a decision confirmed by the social media platform’s chief executive Parag Agrawal.
The Tesla (TSLA:NASDAQ) founder and chief executive was due to be appointed over the weekend following his purchase of a 9.2% stake in the social media platform.
Musk has already suggested several changes to Twitter in his short time as its biggest single shareholder, including alterations to the Twitter Blue premium subscription, banning adverts, allowing consumers to pay in cryptocurrency and including an edit button, a feature that is already being worked on.
SOARING SHARE PRICE
Musk sent Twitter shares soaring 27% last week after his purchase in the company was confirmed. He now owns more of Twitter than any other individual, including co-founder Jack Dorsey, who has a 2.25% stake.
According to the BBC, which quoted company insiders, members of staff have felt disgruntled by Musk’s arrival at Twitter, and fear the level of influence he may have over the company’s ability to moderate content in the future.
Twitter shares ended last week at $46.23, having traded at $33 just a month ago, but the stock faces falls of around 5% when trading opens later today, with pre-market deals pointing to an opening share price of $44.
