Elon Musk Abandons Plan Of Joining Twitter Board. Details

Tesla and SpaceX co-founder Elon Musk is not joining Twitter's board, Parag Agarwal, CEO of the micro blogging site has announced.

Parag Agrawal made the announcement that Musk won't be joining Twitter board. Photo: Getty

New Delhi: Tesla and SpaceX co-founder Elon Musk is not joining Twitter's board, Parag Agarwal, CEO of the micro blogging site has announced. This comes days after the Twitter CEO had announced that Musk would be joining the company's board after buying a nine per cent stake in the firm. Agrawal made the announcement on Twitter along with a note that he sent to the company employees.

"Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here," the Twitter CEO posted on Monday.

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

Agrawal, however, did not mention whether Musk gave specific reasons for changing his mind about taking the role on the Twitter board. The SpaceX CEO had informed Twitter yesterday that he would not take the board seat, according to reports. His appointment would have started on Saturday.

"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,” Agrawal said in a tweet.

“We have and will always value input from our shareholders whether they are on our Board or not. Elon is out biggest shareholder and we will remain open to his input.”

Earlier last week, the Twitter CEO had said, "I'm excited to share that we're appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board."

Musk had also replied to Agrawal's tweet saying: "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"

With Musk's appointment, the company’s board was supposed to have 12 members. Jack Dorsey, who had quit as CEO of Twitter last year, will remain on the board till his term expires at an upcoming stockholders’ meeting on May 25. Board terms of three other board members are set to expire but they have been nominated to retain their seats, according to a report by news agency AP.