California, USA — Multi-billionaire and CEO of Tesla Elon Musk has rescinded his decision to join social media giant Twitter’s board.
In a tweet on Sunday night by Parag Agrawal, CEO of Twitter, he clarified that Musk will not be joining the company’s board.
“The Board and I had many discussions about Musk joining the board, and with Musk directly. We were excited to collaborate and be clear about the risks,” Agrawal said.
In the same tweet, he continued: “Musk’s appointment to the board was to become officially effective 9 April, but Musk 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. Musk is our biggest shareholder and we will remain open to his input.”
Less than a week ago, Musk was reported to have bought a 9.2% stake in the social media giant making him the largest individual shareholder. The buyout would also mean Musk was eligible to be part of the company’s board as a Class II director according to Twitter’s regulatory filings; a role that would end in 2024.