- Musk remains Twitter's largest shareholder
- Agrawal didn't offer an explanation for Musk's apparent decision
- Musk's 80.5 million Twitter followers make him one of the most popular figures on the platform
Microblogging site Twitter on Monday announced that Tesla CEO Elon Musk will not be joining the company's board of directors. The announcement was made by Twitter CEO Parag Agrawal.
"Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here," tweeted Agrawal sharing the note.
According to the note, Musk who was to officially join Twitter's board on April 9 shared the same morning that he will no longer be joining the board.
"The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat," read the note.
"We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. 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. I believe this is for the best," it added.
The note further said that Twitter will still remain open to the inputs from the Tesla CEO, who is also a shareholder of the social media platform.
"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," it said.
On April 4, Elon Musk had announced joining Twitter's board of directors, a day after disclosing that the Tesla CEO took a 9 per cent stake in the social media platform. Twitter Inc. had said in a regulatory filing that it entered into an agreement with Musk that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
Musk, who has 80 million Twitter followers, had purchased 73.5 million shares, worth about $3 billion.He had also raised the possibility with his massive and loyal Twitter following, that he could create a rival social media network.
Musk had not spoken specifically about any Twitter rule changes, he had tweeted he wants to make “significant improvements to Twitter in coming months!”
Late Monday he launched a poll asking whether users want an edit button, misspelling “yes” as “yse.