In an unexpected U-turn, Tesla CEO Elon Musk will no longer be joining the board of Twitter, reversing a collaboration announced just last week by the social media giant.
Turning to Twitter, the company’s CEO Parag Agrawal wrote: “Elon Musk has decided not to join our board […] 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 interests 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 on 4/9, but Elon shared that same morning that he will no longer be joining the board.
“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.”
Last week, Musk announced he would join Twitter’s board after buying a 9.2% stake in the social media company for $2.89 billion, sending shares up by an impressive 26%.
Musk has not yet given a reason for going back on his decision to join the social media giant’s board.