Tesla CEO Elon Musk has backed out of joining the board of Twitter
On Apr. 5, Agrawal revealed that the cenbillionaire would join Twitter’s board, claiming that he was capable of making the company “stronger” in the long-term. This came after Musk bought a 9.2% stake in the company after becoming frustrated with some of its policies.
Jack Dorsey, former CEO of Twitter, commented supported the move, claiming that he himself wanted the Tesla boss on his company’s board.
It is not clear why Musk suddenly reversed his decision to become a board member. Agrawal, however, believes that it was done for the best even though some users have described the cenbillionaire’s U-turn as “shaky.” Some speculate that the decision was related to the ownership cap for board members.
As reported by U.Today, Musk recently propose revamping Twitter Blue, the social media platform’s premium subscription-based service. He also suggested making it possible to pay with Dogecoin.
Musk joining Twitter’s board of directors was viewed as a bullish catalyst for the largest meme coin. Prior to revealing his massive stake in the social media platform, the centibillionaire commented that changing the Twitter logo from a bird to the Doge meme would be “sickkk.”
The Tesla boss has been the key prompter of Dogecoin, igniting a major rally last year. As reported by U.Today, the e-car manufacturer started accepting DOGE for some merchandise.
However, now that Musk is not willing to join the board, he is likely to play a more passive in the company, which means that Twitter is less likely to have a Dogecoin payment option. Nevertheless, Musk remains Twitter’s biggest shareholder.