Elon Musk will not be joining the Twitter board

After Elon Musk became the biggest single shareholder in Twitter, buying 9.2 percent of the company, many though he would become a board member at the very least. It has now been confirmed that is not the case. Twitter CEO Parag Agrawal has made the announcement to the company, which is contrary to what was communicated to the employees at an earlier time.

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“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal writes. “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 stake in Twitter was $2.89 billion at the time of purchase, but this has since increased significantly as the share price increased. The reason Musk has decided not to take up the board seat is because that would’ve prevented him from ever owning more than 14.9 percent of the company, leading many to believe he is planning on buying up more of the company.

This was Agrawal’s full message to his employees:

“Elon Musk has decided not to join our Board. Here’s what I can share about what happened.

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 day 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.

There will be distractions ahead, but our goals and priorities remain unchanged. 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.”