Tesla and SpaceX CEO Elon Musk is no longer joining Twitter’s board of directors, the company’s CEO announced Sunday.
Twitter CEO Parag Agrawal issued a statement announcing Musk, who purchased over 9% of Twitter earlier this month, will remain the company’s largest shareholder but will not take the board seat. Musk’s appointment would have begun Saturday after a background check and a formal acceptance.
“Elon Musk has decided not to join our board,” Agrawal said on Twitter.
“We were excited to collaborate and clear about the risks,” he added. “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 all our shareholders, was the best path forward.”
Agrawal added that Musk will continue to have input in the company, though the Twitter CEO did not give any specific reasons for Musk’s decision not to join the board.
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
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal said. “The decisions we make and how we execute is in our hands, no one else’s.”
“Let’s tune out the noise, and stay focused on the work and what we’re building,” he added
Musk purchased a 9.2% stake in Twitter on April 4, making the billionaire the largest shareholder of the company. Agrawal announced April 5 that Musk would serve on the board after the Tesla CEO purchased his large stake in the company.
“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Agrawal announced.
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term,” he added. “Welcome Elon!”
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