Twitter Shares Fall After Musk Says To Not Join Board
Washington, April 11: Twitter shares fell on Monday after the company revealed that its largest shareholder Elon Musk has dropped his plans to join the board of directors.
On Monday the shares of Twitter were down 2.66 per cent at $45, CNBC reported, citing market data.
On Sunday, Twitter CEO Parag Agrawal said that the SpaceX and Tesla chief decided against joining the Twitter board.
He noted that the board of directors had many discussions about Musk joining and believed that it “was the best path forward,” but at the same time was “clear about the risks.” On April 4, the US Securities and Exchange Commission said that Musk had acquired a 9.2 per cent stake in Twitter. On the same day, the microblogging company’s shares jumped by 28 per cent.
