Elon Musk Won’t Join the Twitter Board After All

Elon Musk will no longer join the board of Twitter, Twitter CEO Parag Agrawal has announced in a tweet. Agrawal confirmed last week that Musk would be appointed to the board following his purchase of 9.2 percent of the company’s stock, but now says Musk has decided not to take the seat.

“We announced on Tuesday that Elon will be appointed to the Board of Directors pending a background check and formal acceptance,” said Agrawal. writes† “Elon’s appointment to the board would officially take effect on 4/9, but Elon announced that same morning that he will no longer be a member of the board. I believe this is 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 remain open to his input.”

Joining Twitter’s board would have prevented Musk from owning more than 14.9 percent of the company. At the time of Musk’s purchase, his stake in Twitter was worth $2.89 billion.

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