Elon Musk won't be joining board of directors, says Twitter CEO

Elon Musk, the CEO of Tesla, has opted against joining the Twitter board of directors. 

This comes as a surprise as just a few days back Musk spent $2.9 billion dollars on buying a 9.2 per cent stake in Twitter, a move that made him the social media company’s biggest shareholder and ensured that he gets a seat on the board of directors.  

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However, Parag Agrawal, the CEO of Twitter, has confirmed this news via a tweet.

Agrawal stated in a statement that he and the company's board of directors had numerous discussions with Elon about joining the board.

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According to Agrawal, he and the company's board of directors had numerous discussions with Elon about joining the board, however, the billionaire himself decided against it.

“The Board and I had many discussions about Elon joining the board, and with Elon directly. 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. The board offered him a seat.”

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. 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.”