Elon Musk has decided against joining Twitter’s board of directors, Twitter CEO Parag Agrawal made the surprise announcement in a Tweet. Last Tuesday, Agrawal confirmed Musk would be joining Twitter’s board following his purchase of 9.2 percent stake in the company, but the Tesla CEO has now turned down the offer.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawa wrote in a statement. “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.”
Musk’s 9.2 percent purchase was said to be worth $2.89 billion at the time it was made public. Joining Twitter’s board would have capped Musk’s subsequent stake purchases of the company at 14.9 percent during his tenure which would have prevented him from initiating a takeover.
Musk is known to be very active on Twitter regularly posting memes and he has recently been suggesting new ideas for the social media platform. Musk recently tweeted “is Twitter dying” due to lack of inactivity from top accounts and also last week made a poll about an edit button before the company announced officially it was working on the feature.
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