In a complete reversal, Elon Musk will not be joining the Twitter board as announced by Twitter CEO Parag Agrawal via a Tweet on Sunday night. Parag Agrawal last week confirmed that Musk would be appointed to the board following his purchase of 9.2% of the company’s shares.
In his Tweet, Agarwal said, “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. 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.”
Elon’s current stake in the company is worth $2.89 billion. If he was appointed to the board, that would have prevented him from owning more than 14.9 percent of the company.
Since he purchased Twitter’s stock, he has been actively tweeting about his ideas on how to change the platform. Just recently he called out a bunch of people including Taylor Swift and Justin Bieber for not tweeting enough.