The world’s richest man, Elon Musk, has decided not to join the board of Twitter, despite being the company’s largest shareholder.
According to the company’s chief executive Parag Agrawal, Musk’s appointment to the board was due to become effective on Saturday, April 9 after revealing last week that he had bought a 9.2% stake in the social media platform, but Musk declined to join the board.
Agrawal tweeted: “Elon shared that same morning that he will no longer be joining the board.”
The Tesla boss remains Twitter’s largest shareholder and the firm will remain open to his input, he added.
The note read,
“Elon Musk has decided not to join our board.
“Here’s what I can share about what happened.
“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 interest of the company and our shareholders, was the best path forward.
“The board offered him a seat.
“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.
“We have and will always value input from our shareholders whether they are on our Board or not.”
He added, “Elon is our biggest shareholder, and we will remain open to his input.
“There will be difficulties ahead, but our goals and priorities remain unchanged.”
This comes after Musk suggested changes to Twitter over the weekend.
He asked his 81m followers whether Twitter is “dying” and if its headquarters should be turned into a homeless shelter.