By Nathalie Voit
Elon Musk will no longer be joining Twitter’s board of directors, Twitter’s chief executive Parag Agrawal said in a tweet on April 10.
The news comes less than a week after the social media service announced the Tesla and SpaceX CEO would be appointed to its 11-person board effective April 9 for a term set to expire in 2024.
“I’m excited to share that we’re appointing @elonmusk to our board!” Agrawal tweeted on April 5. “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!” he said.
However, Agrawal said in a tweet on Sunday the billionaire entrepreneur told Twitter that same morning he was no longer interested in the board seat.
“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,” he said.
“I believe this is for the best,” he added. “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.”
Agrawal gave no reasons why Musk suddenly declined Twitter’s offer to become a board member. However, many speculate Musk’s erratic tweets about the company and increasingly critical behavior had something to do with it.
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal said. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
Musk is Twitter’s largest shareholder, with a 9.2% stake in the company and over 81 million followers.