Elon Musk Reverses Plans to Join Twitter's Board

justjared.com:

Elon Musk won’t be joining Twitter‘s board after all. The social media site’s CEO Parag Agrawa tweeted the news on Sunday night (April 10). Click inside to read more… “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,” he wrote. “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.” The update comes after it was announced the Tesla and SpaceX founder had purchased more than 9% stake in the company.

After Twitter confirmed that Elon would be joining the board, he wrote that he was “looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” Elon had also been soliciting questions from users over the past few days, asking if they’d like the service to implement an edit button or had other changes they’d recommend Twitter make.

While part of his agreement to join the board stipulated that he would not acquire more than 14.9% of the company’s shares, he now has the option of buying more of Twitter’s shares in the future. Parag added in his statement that the company’s board “believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward.” Last month, it was announced that Elon would be stepping down from the board of another company.