Tesla CEO Elon Musk, who recently Bought a big stake in TwitterI decided not to join the social media company’s board of directors.
Twitter CEO Parag Agrawal tweeted the news on Sunday night.
“Elon’s appointment to the Board was officially effective 4/9, but Elon shared the same morning that he would not be joining the Board anymore,” Agrawal said. He said in a tweet. “I think this is the best. We have and will always appreciate input from our shareholders whether they are on our board or not. Elon is our largest shareholder and we will remain open to his contribution.”
A Twitter spokesperson confirmed that Musk has decided not to join Twitter’s board of directors and noted Agrawal’s statement.
Musk recently revealed that he had bought more than 9% of Twitter’s shares, making him the company’s largest shareholder. As part of Musk’s board deal, the Tesla CEO agreed to take no more than 14.9% of the company’s stock while he remains on the board.
Tesla stock jumped after its initial purchase was revealed.
When news broke of his appointment to the board of directors, Musk chirp He was “looking forward to working with the Parag & Twitter board to make major improvements to Twitter in the coming months!”
It’s not entirely clear what improvements Musk had in mind. In recent weeks, Musk suggested on Twitter that the platform does not allow enough freedom of speech, and said that it should make its algorithm open source. He also polled his followers last week on whether they “want an edit button,” an old, if divisive, feature request from many Twitter users.
Musk has not tweeted about his decision. CNN Business has reached Tesla
(TSLA) to comment.
– CNN’s Claire Duffy contributed to this report
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