Elon Musk will not join the board of Twitter, the CEO of the company announced on Sunday.
The surprising news comes just days after it was revealed that Musk had acquired a 9.2% stake in Twitter to become the largest shareholder, shortly after he was offered a seat on the company’s board of directors.
But in a tweet Posted Sunday night, Twitter CEO Parag Agrawal explained that on Saturday — the day Musk’s appointment to the board of directors would officially take effect — Musk told the company he would not be taking a seat.
“I believe this is for the best,” Agrawal said in his post.
Musk’s only public comment on the news came in the form of a grinning emoji in a since-deleted tweet symbolizing his mischievous nature, with some likely to see the unexpected development as little more than a trolling exercise aimed at a company he uses. has long criticized.
“We announced on Tuesday that Elon will be appointed to the board of directors conditioned on a background check and formal acceptance,” Agrawal said on Sunday. Elon’s appointment to the board was to officially take effect on April 9, but Elon announced that same morning that he would no longer be serving on the board.
The Twitter CEO’s update came at the end of a weekend where Musk bustled out tweets detailing various changes he’d like to see on Twitter, from serious to crazy.
They include removing ads from the platform, turning Twitter’s headquarters into a homeless shelter because most of its employees now work remotely, and removing the “t” from Twitter.
Agrawal noted that Musk, who has 81 million Twitter followers, is still the largest shareholder in the company and as a result, the team will “remain open to his input.”
Below is the full statement posted by Agrawal on Sunday:
†Elon Musk has decided not to join our board. Here’s what I can share about what happened.
The board and I had many discussions about Elon joining the board, and directly with Elon. We were excited to work together and make clear about the risks. We also believed that having Elon as the fiduciary of the company, where he, like all board members, must act in the best interests of the company and all our shareholders, was the best way forward. The board offered him a seat.
We announced Tuesday that Elon will be appointed to the board, pending a background check and formal acceptance. Elon’s appointment to the board would officially take effect on 4/9, but Elon announced that same morning that he would no longer be a member of the board. I believe this is the best. We have and will always value the input of our shareholders, whether they are on our board or not. Elon is our largest shareholder and we remain open to his input.
There will be distractions, but our goals and priorities remain unchanged. The decisions we make and how we execute them are in our hands, nobody else’s. Let’s turn off the noise and stay focused on the work and what we’re building.†