Twitter CEO Parag Agrawal tweeted the news Sunday evening.
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.
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.
– Clare Duffy of DailyExpertNews contributed to this report