Twitter’s biggest shareholder, Elon Musk, has declined to join the company’s board. The Tesla CEO had been appointed a board member after he acquired a 9.1 percent stake in the company. Twitter CEO Parag Agrawal announced that Musk had decided not to join the board.
“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.” Agrawal said in a letter addressed to his team.
Musk’s appointment was expected to be official on April 9, the same day he shared that he would not be taking up the offer.
Read: Elon Musk Appointed to Twitter’s Board a Day after Becoming Largest Shareholder
“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.” Agrawal’s letter said.
There were mixed reactions last week after news went public that Musk had purchased a 9.1 percent stake in the company worth about $3 billion. The 50 year old who is currently ranked as the world’s richest man has been a huge critic of Twitter, regularly conducting polls about the app’s features.
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