Elon Musk will no longer join Twitter’s board, Twitter CEO Parag Agrawal has announced in a message to the company. Agrawal confirmed last week that Musk would be named to the board of directors 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 members of 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.
Since Musk’s stake in Twitter was revealed, the Tesla and SpaceX CEO has been tweeting publicly about his ideas for the company — although, as always with Musk, it’s hard to know when he’s just trolling. He posted a poll about whether Twitter should have an edit button the day before the company confirmed it would actually add the long-requested feature. More recently — the same day he apparently told Twitter he wouldn’t run on the board, in fact — he’s tweeted suggestions like including verification checks with the paid Twitter Blue service, or to convert Twitter’s headquarters in San Francisco to a homeless shelter “because nobody shows up anyway.”
Here is the full message from Agrawal:
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 directly with Elon. We were excited to work together and make clear about the risks. We also believed that having Elon as the fiduciary of the company, where he, like all board members, must act in the best interests of the company and all our shareholders, was the best way forward. The board offered him a seat.
We announced Tuesday that Elon will be appointed to the Board of Directors, pending a background check and formal acceptance. Elon’s appointment to the board of directors would officially take effect on 4/9, but Elon announced that same day that he will no longer be serving on the board. I believe this is the best. We have and will always value the input of our shareholders, whether they are members of our Board of Directors or not. Elon is our largest shareholder and we remain open to his input.
There will be distractions, but our goals and priorities remain unchanged. The decisions we make and how we execute them are in our hands, nobody else’s. Let’s turn off the noise and stay focused on the work and what we’re building.