Billionaire Tesla and SpaceX CEO Elon Musk decided on Sunday not to join Twitter’s board of directors, days after it was revealed he has obtained a 9.2 percent ownership interest in the social media giant.
Twitter CEO Parag Agrawal posted a tweet Sunday evening stating Musk has decided against joining the board. It had been widely reported earlier in the week that a position on the board had been offered to the company’s now-largest shareholder.
Musk has become a more vocal critic of Twitter’s censorship and suspension of disfavored accounts. He spent around $2.9 billion to purchase his recently acquired 73.5 million shares of the company’s stock.
Agrawal wrote to the company’s employees that the company had been “excited to collaborate” with Musk as part of the board. He said that having Musk acting “as a fiduciary” would have been in the best interests of the company. He added that Musk had advised him on Saturday that he had decided against accepting the board position.
Agrawal added that the company will remain open to Musk’s input as the company’s biggest shareholder.
Many observers believe that Twitter offered a board seat to Musk to prevent him from owning more than 15 percent of the company as a sitting member. The offer of the board seat was conditioned on that arrangement and could indicate that Musk is planning on obtaining an even larger share of the company’s stock.
Musk has certainly given signals that he has ideas about reforms of the platform that could most easily be accomplished by someone with total control of the company’s management.
Musk also suggested several changes to the Twitter Blue premium subscription service over the weekend. He said that reducing the price of the service, eliminating advertising, and allowing customers to pay with the cryptocurrency dogecoin would all improve the service.
Twitter Blue was launched last June as a subscription service that provides users with exclusive access to premium features. The service is currently available in the U.S., Canada, Australia, and New Zealand.
Musk suggested the current $2.99 monthly cost of the service should be cut to around $2 and users should get an “authentication checkmark” on the platform if an account is not used for scams or spam.
In a recent poll on his account, Musk asked if Twitter’s San Francisco headquarters should be converted to a “homeless shelter since no one shows up anyway.” The “yes” option received more than 91 percent of the vote.