Elon Musk will no longer be joining Twitter’s board of directors, the company said late Sunday night.
Musk purchased a 9.2% stake in Twitter making him the company’s largest shareholder. He was offered a board seat and his appointment was to become effective on Saturday. But he notified Twitter’s Chief Executive Parag Agrawal on Saturday morning that he will no longer be joining the board.
“The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat,” Agrawal said in a statement.
Agrawal says he believes Musk’s decision to not join the board “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,” Agrawal added.
On Saturday, Musk suggested changes to Twitter Blue premium subscription service, including slashing its price, banning ads and giving an option to pay in the cryptocurrency dogecoin.
