Elon Musk is not joining Twitter’s board, Twitter CEO Parag Agrawal announced in a message to the company.
Last week it was confirmed that the Tesla CEO would be appointed to the board following his purchase of 9.2 percent of the company’s shares.
Elon Musk Won’t be Joining Twitter’s Board
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal writes. “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. Elon is our biggest shareholder and we will remain open to his input.”PARAG AGRAWAL – TWITTER CEO
Joining Twitter’s board would have prevented Musk from owning more than 14.9 percent of the company.
At the time that Musk’s purchase became public knowledge, his stake in Twitter was worth $2.89 billion.