The news that Elon Musk would join Twitter's board of directors was unexpectedly canceled a few days later. What happened?

All parties were enraged when it was announced that Elon Musk would be joining the board of directors of Twitter. 

Fans of Elon Musk were ecstatic. Critics, on the other hand? There isn't a lot of difference.

However, it has emerged that Tesla CEO Elon Musk will not be joining Twitter's board of directors.

So, what exactly transpired? You should know the following information.

With Little Notice, Elon Musk Refused to Join Twitter's Board of Directors

We heard in early April that Musk had purchased 9.2% of the Twitter stock. In the process, Musk became one of Twitter's most essential stockholders.

Musk was given a position on Twitter's board of directors due to his success. Negotiations had begun between the two sides, and it seemed that Musk would be officially joining the board.

But it didn't work out that way. CEO Parag Agrawal said in a tweet on April 11 that Elon Musk has rejected to join the board of Twitter. The long, dramatic, and ambiguous paragraph hinted at the possibility of a problematic situation behind the scenes.

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Why did Tesla CEO Elon Musk rescind his board seat?

Elon Musk's provocative tweets reflect his enthusiasm for the microblogging site despite the backlash. 

Who knows, maybe he has aspirations of creating his app now that he's so well-off.

In contrast, Donald Trump's effort to create a Twitter-like app failed.

Buying or influencing Twitter is a sensible strategy for a rich Twitter junkie like Musk. 

A brilliant first step would have been to join the board of directors. So, what made Musk decide to forego participating?

There are hints hidden in plain sight. 

We believe Tesla CEO Elon Musk turned down the opportunity to join the board.

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For the time being, he's keeping his options open

By Bloomberg's estimate, Twitter required that Musk reduce his stake to a maximum of 14.9 percent before allowing him on the board.

Musk can acquire as much of Twitter as he wants since he's not on the board.

Then then, you don't have to believe us. In addition to Bloomberg's, of course! This legal document reveals that Musk has told the US authorities that he intends to retain his option to acquire or sell shares open in the future.

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Musk and Twitter Had a Dispute Over Terms of Service

When it comes to becoming a board member and fiduciary, Musk would be required to behave in the best interest of Tesla and its shareholders and complete a background check.

Since Musk's tweets have impacted Tesla stock prices in the past, it's safe to assume he won't be permitted to say anything that lowers Twitter's stock price.

It's not apparent whether the background check was a factor in rejecting the offer. The sequence of events did mention it, though.

The law was broken by Musk

Per The Washington Post, investors must reveal their holdings in a firm when they control more than 5% of it. Tesla CEO Elon Musk did not disclose his Twitter investment until three weeks after he crossed the 5-percent mark on March 14, when he held almost 10 percent of the company's stock.

When Musk ultimately revealed the information, Twitter's stock price increased by 30%, netting him $156 million in profit.

Musk might face fines if the Securities and Exchange Commission opens a probe into his conduct.

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Angry Reactions on Twitter

Elon Musk is a household name when it comes to freedom of expression. Tweeters worried that Musk would use his position on the board to restore Trump's account, which had been suspended for breaking the social media platform's community standards. Musk has denied this.

Many people were rooting for Musk, but the fierce criticism from tens of thousands of Twitter users was discouraging.

Musk is so busy

By running Tesla and SpaceX, both innovative firms in their own right, Musk has become the wealthiest person on the planet.

He also manages investments in startups, including The Boring Company, Neuralink, and Solar City.

A lot goes on in the life of Elon Musk. Though it's not clear that he sees himself as an essential member of Twitter's board.

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Musk Isn't Going Anywhere, So Pay Attention to Twitter

Having a 9.2 percent interest in Twitter is a significant investment on the part of Musk. 

As a bonus, it shows his ambitions for Twitter.

As of now, such intentions remain a secret. 

But with Tesla CEO Elon Musk, nothing is out of the question. 

Twitter's board of directors is aware of this, at least to some extent. 

There is a good chance we'll hear about it through a tweet from Elon Musk.