Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022.

In a major reversal, business tycoon Elon Musk has decided not to join the board of directors of Twitter, the company's CEO announced Sunday night.

Twitter CEO Parag Agrawal posted a note on the social media platform explaining what he says was Musk's decision to decline the board invite. Musk, 50, had recently purchased a 9.2% stake in the social media company. Since the April 4 stock purchase, in which the Tesla and SpaceX CEO became the largest Twitter shareholder, Musk had promised "significant improvements" to the company and expressed excitement at joining the board.

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"We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. 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," Agrawal said in a tweet.

"I believe this is for the best."

Joining Twitter's board would have required Musk to cap his overall ownership of the social network at 14.9%.

The world's richest man posted a cryptic tweet shortly after Agrawal's announcement of an emoji face with a hand covering the mouth. Other than the tweet, Musk has yet to comment on the decision.

In an April 5 regulatory filing, Twitter revealed that Musk would get a seat on its board with a term expiring in 2024. In Agrawal's statement on Sunday, he said he believed Musk joining the board was "the best path forward" and that Twitter was "excited to collaborate and clear about the risks" with Musk.

"We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best path forward. The board offered him a seat," Agrawal said.

According to Agrawal, Twitter will remain open to input from Musk even without him on the board. The company CEO also predicted that there would be "distractions ahead" and asked employees to "tune out the noise."

"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," Agrawal said.

"There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else's. Let's tune out the noise, and stay focused on the work and what we're building."

Since his stock purchase, Musk has made several tweets referencing his new status as a Twitter power broker.

On Saturday, Musk asked his followers if the Twitter headquarters in San Francisco should be converted into a homeless shelter since employees continue to work remote.

Last week, he shared a photo of him on podcaster Joe Rogan's show behind a cloud of smoke and holding a marijuana joint with the caption, "Twitter's next board meeting is gonna be lit."

He also posted a poll on Twitter last week asking whether users wanted an edit button feature on the social media platform.

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In March, before Musk's interest in becoming the largest shareholder of Twitter was known, he asked his followers if they believe Twitter adheres to free speech principles, which he said are essential to a functioning democracy, stoking the idea in April that Musk may move the reverse several of Twitter's high-profile account bans, including former President Donald Trump's.

Original Location: Elon Musk will not join Twitter board of directors: CEO

 

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