Billionaire Elon Musk no longer joining Twitter’s board

Twitter’s largest shareholder, billionaire Tesla and SpaceX founder Elon Musk, has decided not to join the company’s board, the social media company’s chief executive, Parag Agrawal, says.

Mr Musk, who has previously called himself a “free-speech absolutist” and has been critical of Twitter, disclosed a 9.1 per cent stake in the social media giant earlier this month, and said he planned to bring about significant improvements at the company.

His appointment to the board was to become effective on Saturday and would have prevented him from being a beneficial owner of more than 14.9 per cent of common stock.

However, “Elon shared that same morning that he will no longer be joining the board”, Mr Agrawal said in a note on Twitter.

“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,” Mr Agrawal said.

“There will be distractions ahead, but our goals and priorities remain unchanged,” Mr Agrawal said in his Sunday note.

“Let’s tune out the noise, and stay focused on the work and what we’re buildin

Mr Musk limited his response to a face with hand over mouth emoticon on Twitter.

CREDIT: REUTERS



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