Elon Musk, the CEO of Tesla, has decided not to join Twitter's board of directors, according to Parag Agrawal, the social media company's CEO.
The news comes six days after Agrawal announced Musk's appointment to the board of directors. On April 4, the Tesla CEO purchased a 9.2 percent stake in Twitter, making him the company's largest shareholder.
Musk will be appointed to the board of directors, according to Agrawal, "subject to a background check and formal acceptance." He went on to say that the Tesla CEO was supposed to join the board on April 9, but he declined.
“I believe this is for the best,” the Twitter CEO said in a note to the company that he later shared on the microblogging platform. “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.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022