Elon Musk will not be joining Twitter Inc (NYSE:TWTR)'s board after the company’s chief executive, Parag Agrawal, announced the Tesla Inc (NASDAQ:TSLA) founder and CEO reversed his decision and decided against the appointment.
Musk was due to be appointed over the weekend following his purchase of a 9.2% stake in the social media website.
However, Agrawal put out a short statement on Twitter where he confirmed that it was Musk’s decision not to join the board. He said Twitter will continue to “value input from our shareholders whether they are on the board or not”.
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
Musk has already suggested several changes to Twitter in his short time as the major shareholder.
He recommended changes to the Twitter Blue premium subscription, banning adverts and allowing consumers to pay in cryptocurrency.
Musk also claimed it was he who suggested the edit feature for tweets, however, that was denied by the board, who confirmed that they were looking into it themselves.
Musk sent Twitter shares soaring 27% last week after his purchase in the company was confirmed.
He now owns more of Twitter than anyone else, including co-founder Jack Dorsey, who has a 2.25% stake.
According to the BBC, who quoted company insiders, members of staff have felt disgruntled by Musk’s arrival at Twitter, and fear the level of influence he may have over the company’s ability to moderate content in the future.