New Delhi: Twitter clearing the air has announced that Tesla CEO, Elon Musk, will no longer be joining its board.
Twitter CEO Parag Agrawal made the announcement in a tweet on Monday after last week he confirmed that Musk would be appointed to the board following his purchase of 9.2% of the company’s shares, but now says that Musk has decided against taking up the seat.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal said.
“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. 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.”
Joining Twitter’s board would have prevented Musk from owning more than 14.9% of the company.
Following Musk’s purchase becoming public knowledge, his stake in Twitter was worth $2.89 billion.