Twitter shares fell Monday morning after CEO Parag Agrawal revealed that Elon Musk has abandoned his plan to join the company’s board.
Elon bought 73.5 million Twitter shares on March 14 — a 9.2% stake — according to a Securities and Exchange Commission 13G filing released April 4. Following the announcement, the stock skyrocketed by more than 27%, the highest since the company’s IPO in 2013.
Throughout the weekend, without revealing that he had turned down the board seat at the social media company, Musk posted a number of ideas to transform the company and its products.
Elon suggested that the subscribers pay with dogecoin, get an “authentication” checkmark and keep Twitter Blue free of advertisements.
“Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark. And no ads. The power of corporations to dictate policy is greatly enhanced if the company depends on advertising money to survive.” Elon Musk wrote.
However, before his appointment on the board on Saturday he informed the company that he would not, in fact, be taking the board seat.
Following the announcement, the social media company’s stock briefly tumbled more than 8% to less than $43 a share at 4 a.m. ET before recovering slightly. The stock was down about 1% at 10:53 a.m. ET after briefly turning positive.
Twitter CEO Parag Agrawal sent out a tweet following the announcement.