Elon Musk rejects Twitter’s conditions to join board
Tesla and SpaceX CEO Elon Musk has decided against joining the board of directors for social media company Twitter.
Twitter CEO Parag Agrawal announced Mr Musk’s decision on Sunday night.
“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,” Mr Agrawal said in the tweet. “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.”
The decision came about a week after Twitter revealed its plans to appoint Mr Musk to its board for a term that ends in 2024.
Mr Musk recently purchased a 9.2 per cent passive stake in Twitter, making him the company’s largest shareholder. A prerequisite for Mr Musk to join the board included agreeing not to buy more than 14.9 per cent of the company’s shares while he remained on the board.
Mr Musk had tweeted that he was “looking forward to working with Mr Agrawal and the Twitter board to make significant improvements.”
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