Elon Musk not to join Twitter board: CEO Parag Agrawal

Tesla Chief Executive Officer (CEO) Elon Musk won't be joining Twitter's board of directors, company CEO Parag Agrawal wrote in a post on Monday. Musk was to officially become a member of the Twitter board from April 9. However, Musk, who is now Twitter Inc's biggest shareholder, has decided not to join the social media company's board.

In his Twitter post, Agrawal said, "The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. 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".

“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,” Agrawal further said in his post.

Here's the Twitter post by Parag Agrawal:

Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk

— Parag Agrawal (@paraga) April 11, 2022

"We were excited to collaborate and clear about the risks. We also believed that 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.

Musk was appointed to the board last week. He had disclosed a 9.2% stake in Twitter, making the billionaire the largest outside shareholder in the social media platform.