Elon Musk has canceled joining Twitter's board of directors. Musk's decision was announced directly by Twitter CEO Parag Agrawal.
On Tuesday (5/4), Agrawal announced that Musk would join Twitter's board of directors after buying a 9.2% stake in the company. But now Agrawal has revealed that Musk is not joining the board of the company bearing the bird logo.
"On Tuesday we announced that Elon will be appointed to the Board of Directors based on a background check and official acceptance," Agrawal said in his announcement shared on Twitter, as quoted from The Verge, Monday (11/4/2022).
"Elon's appointment to the board of directors will take effect officially on 4/9, but Elon said that same morning that he will not be joining the board of directors. I believe this is the best option."
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Agrawal added that Twitter would value input from Musk and other shareholders, regardless of whether they are members of the board or not.
"Elon is our largest shareholder and we will continue to be open to his input," explained Agrawal.
If he joins Twitter's board of directors, Musk cannot own more than 14.9% of the company's shares. When Musk's purchase of Twitter shares was announced to the public, the value of the shares held by the world's richest man was $2.89 billion.
Since Musk's stake in Twitter was revealed, the CEO of SpaceX and Tesla has continued to tweet his ideas and proposals to change Twitter. But of course whether the proposal is serious or just a joke is still a question mark.
Musk had uploaded a poll for his followers and asked if they needed an edit button. The day after the poll, Twitter immediately confirmed that it was developing an edit feature.
Recently, Musk proposed that Twitter Blue subscribers should have a checkmark to verify their account. He also suggested that Twitter's headquarters in San Francisco be turned into a homeless shelter because employees have never visited it.