Tesla CEO Elon Musk, who just purchased a significant interest in Twitter, has opted not to join the social media company’s board of directors. The announcement was made by Twitter CEO Parag Agrawal on Sunday night.
“Elon Musk’s appointment to the board was about to become formally effective 4/9, however, Elon announced that same morning that he will no longer be joining the board,” Agrawal stated in a tweet. “This, I suppose, is for the best. We have valued and will continue to value shareholder feedback, whether they are on our Board or not. Elon Musk is our largest shareholder, and we will continue to welcome his feedback.”
A spokesman for Twitter confirmed Musk’s decision not to join the Twitter board and pointed to Agrawal’s statement. The news comes roughly a week after Twitter (TWTR) said in a regulatory filing that it intends to add the Tesla and SpaceX CEO to its board of directors for a term ending in 2024.
Musk recently stated that he had bought a stake in Twitter worth more than 9%, making him the company’s largest stakeholder. As part of the agreement for Musk to join the board, he committed not to buy more than 14.9 percent of the company’s shares while on the board.
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