Tesla CEO Elon Musk will no longer be joining Twitter’s board of directors.
Twitter CEO Parag Agrawal made the announcement on Sunday night.
“Elon Musk has decided not to join our board,” Agrawal tweeted, adding, “The Board and I had many discussions about Elon joining the board, and with Elon directly.”
He continued, “We were excited to collaborate and clear about the risks.”
Additionally, Agrawal said the company also “believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.”
Agrawal went on to explain, “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. I believe this is for the best.”
He added, “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.”
Read his statement below:
The Twitter CEO noted there will be “distractions ahead” but encouraged employees to “tune out the noise, and stay focused on the work and what we’re building.”
Agrawal’s announcement sparked conversation on Twitter.
Read some of the reactions below:
https://Twitter.com/ParkerMolloy/status/1513488559898083329
The announcement comes less than a week after it was reported Musk would be joining the board after purchasing a large stake in the company, as IJR reported.
“Looking forward to working with Parag and Twitter board to make significant improvements to Twitter in coming months!” Musk said at the time.