Elon Musk, who recently bought a large stake in Twitter, has decided not to join the social media company’s board.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board,” Agrawal said in the tweet. “I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
A Twitter spokesperson confirmed Musk decided not to join the Twitter board and referred to Agrawal’s statement.
The development comes about a week after Twitter (TWTR) said in a regulatory filing that it plans to appoint the Tesla and SpaceX CEO to its board for a term that ends in 2024.
Musk recently disclosed he had purchased a more than 9% stake in Twitter, making him the company’s largest shareholder. As part of the deal for Musk to join the board, the Tesla CEO had agreed not to acquire more than 14.9% of the company’s shares while he remained on the board.
Announcing this on a Sunday night seems incredibly odd. We wonder what happened over the weekend.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022