April 11,2022: Tesla and SpaceX CEO Elon Musk has abandoned his plans to join the board of Twitter, his social network of choice.
Twitter CEO Parag Agrawal announced publicly on Sunday that Musk remains the largest shareholder of Twitter, and the company will remain open to his input.
Musk informed Twitter on Saturday morning that he would not, in fact, take the board seat.
Musk’s appointment would have started on Saturday, “contingent on a background check and formal acceptance,” according to Agrawal.
“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,” he wrote.
The Twitter CEO did not say whether Musk gave specific reasons for changing his mind about taking on the new obligation.
