Elon Musk will not join Twitter’s board of directors, changing course just days after becoming its largest shareholder and being offered the seat.
Parag Agrawal, CEO of the social media company, tweeted that Musk was to be formally appointed to the board on Saturday, a few days after the news was first announced.
But the Tesla boss then “announced that same morning that he would no longer be joining the board,” Agrawal said, without giving any further details.
Agrawal added that he believes this is “for the best” and that the company “will remain open [Musk’s] Entry”.
Twitter’s shares rose nearly 30 percent last Monday after a filing with the US Securities and Exchange Commission revealed that Musk, one of Twitter’s most prolific users, had acquired a 9.2 percent passive stake. Its shares rose nearly 10 percent the following day when the appointment to the board was first announced.
https://www.ft.com/content/13b749d5-9434-4a07-88e3-92eb42eeb749 Elon Musk decides against joining the Twitter board