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Elon Musk will not be joining Twitter Inc.’s board of directors after all.
In a tweet Sunday night, Twitter
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Chief Executive Parag Agrawal said Musk “has decided not to join our board.”
Musk’s addition to Twitter’s board was announced Tuesday following disclosures that he has become the social-media company’s largest shareholder, with a 9.2% stake.
It was unclear why Musk refused the board seat. Adding Musk would have restricted how big a stake in the company he could own. Musk could now do anything from selling his stake to potentially pursuing a hostile takeover of the company.
Musk, the CEO of Tesla Inc.
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and SpaceX, told Twitter’s directors that “he will no longer be joining the board” on Saturday morning, Agrawal said.
Agrawal said in his tweet that while he and the board had been “excited” to add Musk, “I believe this is for the best,” adding that “Elon is out biggest shareholder and we will remain open to his input.”
Musk’s input was at full force over the weekend, as he tweeted a number of ways Twitter could improve its service, including authentication checkmarks for Twitter Blue subscribers, as well as no ads and a lower price for the paid tier, and accepting payments in dogecoin
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Musk also floated the idea of turning Twitter’s San Francisco headquarters into a homeless shelter “since no one shows up anyway.” Twitter said last year that its employees could work from home indefinitely.
This is a breaking story and will be updated.
