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Elon Musk Makes U-Turn, Abandons Plan To Join Twitter’s Board

Parag Agrawal, Twitter’s CEO, has announced that Tesla and SpaceX head Elon Musk has decided not to join the social media platform’s board.

Elon Musk on Twitter

Elon Musk. Illustration by Tech in Asia’s Centaine Lim.

In a statement, Agrawal said that Musk’s appointment was to become effective on April 9. However, on the same day, Musk announced that he will no longer be joining the company’s board.

The Tesla CEO remains the largest shareholder of Twitter, and the company will remain open to his input, Agrawal explained

Musk was put in this position last week after a filing revealed that he had bought a 9.2% stake in the social media firm. It’s over 4x larger than the ownership of the platform’s co-founder Jack Dorsey, who currently holds a 2.25% stake.

Days later, Twitter and Musk announced that he would join the social media firm’s board. The company’s share price surged more than 25% after the news was revealed.

Source: techinasia

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