Elon Musk will no longer serve on Twitter’s board of directors, according to Twitter CEO Parag Agrawal in a tweet. Musk was expected to join as a Class II director following his purchase of 9.2 percent of the company’s shares last week, but he has now decided against the move.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” said Agrawal. “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.
“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. Elon is our biggest shareholder and we will remain open to his input.”
Musk’s Twitter stock purchase was valued at $2.89 billion when it was disclosed by the SEC, but some recent reports have questioned whether he disclosed his stake early enough.
Musk’s purchases would have been limited to 14.9 percent of common stock during his tenure and for 90 days afterward if he had joined the board.
It’s unclear why Musk declined to join Twitter’s board of directors, especially given that he seemed to be brimming with ideas for how to improve the social media network.
Most recently, he proposed giving paid Twitter Blue subscribers verification checkmarks and converting Twitter’s San Francisco office to a homeless shelter because “no one shows up anyway.”
Elon Musk also recently tweeted a photo of himself smoking marijuana on the Joe Rogan podcast on Spotify in 2018, stating that the next board meeting would be “lit.”
When it became clear that he would be joining the board, Agrawal offered to address any employee concerns during a Q&A session with Musk. Musk appears to have deleted some of his Twitter-related tweets in the last few hours, including the poll and homeless shelter tweets.