After the company said that Musk wouldn't be joining the board, the stock fell 5%.
Elon has decided not to join our board, according to a note Parag Agrawal sent to the company.
—Parag Agrawal (@paraga) April 11, 2022
On the same morning that he will no longer be joining the board, Elon shared that he had been appointed to the board. I think this is for the best. We value input from our shareholders whether they are on our board or not.
Musk declined the offer, but no one explained why.
If Musk had joined the board, he would have been prevented from owning more than 14.9% of the common stock.
After becoming the company's largest shareholder, Musk was offered a seat on the board.
Just five days ago, Musk said he was looking forward to his new role and to making improvements to the company.
As of early Monday, Musk was still listed on the board of directors.
Musk only responded to a giggling emoji.
The stock of the social media company was last down 4.3% at $44.22 a share. Time.
Analysts will now be able to use discounted cash flow valuation methods thanks to the upcoming merger ofEthereum. One analyst sees as much as 220% upside for ether and 3 other coins.
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