Twitter falls 5% After Elon Musk Refused to Join the Board

Elon Musk has been making headlines ever since he revealed his stake in the social media platform Twitter. Last week, he revealed a 9.2% stake in Twitter, after which Twitter saw a sudden surge in its shares by 26%. The company also announced to have their biggest shareholder on its board of directors.

But, the CEO of Twitter, Parag Agrawal shared a tweet saying that Elon Musk would not be joining Twitter’s board. He said in a tweet that Elon Musk shared that he will no longer be joining the board. 

Twitter shares fell 5% after the company announced that Elon Musk will no longer be joining its board. 

Though the company has still not laid out the reasons behind why Musk declined the offer to join the board. But according to a securities filing, joining the board would have prevented Musk from becoming the beneficiary owner of more than 14.9% of its Twitter a common stock. 

Twitter's turnaround is only five days after Musk says he's excited about his new role and looking forward to improving the company. The announcement was unexpected, and Musk was listed on the board of directors on the website as early as Monday.