Twitter CEO Parag Agrawal tweeted late Sunday night that Musk told the company Saturday that he wouldn’t be taking the board position, which was scheduled to be effective that day.
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It’s a fast reversal of events set off last week when news broke that Musk became Twitter’s largest outside shareholder after purchasing a 9.2 percent stake in the social media company.
“We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board,” Agrawal wrote in a statement posted to Twitter. “I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
Since the news of Musk’s stake in Twitter was disclosed, the Tesla CEO tweeted several ideas for changes at Twitter, including giving users who pay for Twitter Blue authentication check marks and removing ads. Musk appears to have deleted those tweets.
It’s unclear why Musk didn’t end up joining Twitter’s board. He initially filed paperwork with the U.S. Securities and Exchange Commission indicating that his stake in the company would be passive, but later went back and amended the filing to indicate he would be an active investor.
Illustration: Li-Anne Dias
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