Twitter CEO: Elon Musk Won't Join Twitter Board

Twitter CEO Parag Agrawal tweeted the news Sunday evening.

“Elon’s appointment to the board of directors was to officially take effect on 4/9, but Elon announced that same morning that he will no longer be a member of the board,” Agrawal said. said in the tweet† “I believe this is for the best. We have and will always value the input of our shareholders, whether they are on our Board of Directors or not. Elon is our largest shareholder and we will remain open to his input. “

A Twitter spokesperson confirmed that Musk decided not to join the Twitter board and referred to Agrawal’s statement.

Musk recently announced that he had bought a more than 9% stake in Twitter, making him the company’s largest shareholder. As part of the deal for Musk to join the board, Tesla’s CEO had agreed not to acquire more than 14.9% of the company’s stock while he remained on the board.

Tesla’s stock skyrocketed after its first purchase was announced.

When news of his board appointment broke, Musk . said tweeted he was looking forward to working with Parag & Twitter board to make significant improvements to Twitter in the coming months!

It is not entirely clear which improvements Musk had in mind. In recent weeks, Musk had suggested on Twitter that the platform doesn’t allow enough free speech, saying it should make its algorithm open source. He also surveyed his followers last week about whether they “want an edit button,” a lengthy if divisive request from many Twitter users.

Musk has not tweeted about his decision. DailyExpertNews Business has contacted: Tesla †TSLA† for comment.

– Clare Duffy of DailyExpertNews contributed to this report