It was announced Sunday by Twitter CEO Parag Agrawal that Elon Musk will not be joining Twitter’s board of directors.
Agrawal shared the note he sent to the company, saying “Elon Musk has decided not to join our board. Here’s what I can share about what happened”.
“The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks,” he said.
“We also 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,” Agrawal added.
Musk’s appointment to the board would have become effective Saturday after a background check, “but Elon shared that same morning that he will no longer be joining the board”.
“I believe this is for the best,” Agrawal wrote. “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”.
Although he has not addressed the decision, Musk tweeted a giggling emoji with a hand covering its mouth early Monday.
Last week, Musk disclosed a 9.2 percent stake in Twitter, making him its largest shareholder. After filing his disclosure forms, Twitter’s share price skyrocketed 30 percent.
While some Twitter employees feared Musk would hurt the company, most were excited for the changes the Tesla CEO would bring to Twitter by loosening its speech restrictions.