Why Musk Won't Be Part Of Twitter Board - Parag Agrawal
Twitter's biggest shareholder, Elon Musk, has decided not to join its board, Chief Executive Parag Agrawal said late on Sunday.
Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1 per cent stake on April 4 and said he plans to bring about significant improvements at the social media platform.
His appointment to the board was to become effective on Saturday and would have prevented him from being a beneficial owner of more than 14.9 per cent of common stock.
But "Elon shared that same morning that he will no longer be joining the board", Agrawal said in a note on Twitter.
"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," Agrawal said.
Tesla did not immediately respond to an email sent to the company seeking comment from Musk.
News of Musk taking a board seat had some Twitter employees panicking over the future of the social media firm's ability to moderate content, company insiders toldReuters.