Tesla founder Elon Musk has decided to not join the Twitter board, said Parag Agrawal in a statement on the microblogging site.
Agrawal said that Musk will remain the largest shareholder of the company of Twitter, adding that the company will remain open to the billionaire businessman’s input.
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
“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 bests interests of the company and all our shareholders, was the best path forward,” Agrawal said.
Agrawal added that the Twitter ‘board had offered him (Musk) a seat’ as was announced on Tuesday.
“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 shareholders and we will remain open to his input.”
Last week, Agrawal had announced that Twitter was welcoming Musk on the company’s board.