Elon Musk has decided not to join the board of Twitter.
His appointment was due to take effect over the weekend after he bought a 9.2 per cent stake in the social media platform last week.
But the company’s chief executive Parag Agrawal has today (April 11) announced that Musk “has decided not to join our board”.
“The Board and I had many discussions about Elon joining the board and with Elon directly,” he wrote in a lengthy tweet. “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.”
Addressing Musk’s decision to decline, Agrawal continued: “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.
