After Musk bought a 9.1% stake in Twitter and became the largest shareholder, Twitter had announced that Musk would join the board, but the latest news said that he would not join.
On Sunday evening, local time, Twitter CEO Parag Agrawal tweeted: "Musk has decided not to join our (Twitter)'s board." Agrawal wrote in its latest tweet:
Last Tuesday, we announced that Musk would be appointed to the board, which was supposed to take effect on Saturday, but just that morning, Musk told us he would not join the board.
Twitter shares rose 4 percent after it announced on Tuesday that Musk would join its board. After Musk's initial disclosure of equity, Twitter ushered in the fastest day of stock price growth since its listing in 2013, with a rise of more than 27%.
Agrawal continued in a tweet that while he and board members had previously been "excited" about Musk's addition, as things stand, "believe this is the best outcome." He also stated:
Musk is our largest shareholder, and we will continue to listen to his valuable input, whether he is on our board or not.
Screenshot of Twitter CEO Parag Agrawal's Tweet
It's unclear why Musk refused to join Twitter's board, but a financial filing from Twitter shows that as long as Musk serves on the board, his stake in Twitter will be limited by "no more than 14.9 percent," and musk can do anything without joining the board.
It is worth mentioning that Musk gave a lot of comments to Twitter over the past weekend. Musk is a heavy user of Twitter, with more than 80 million followers on the platform. He tweeted on April 9, local time:
Most of those "top-tier" accounts already have very few tweets, and (even if they tweet) post very little content. Is Twitter dead?
In addition, he tweeted a series of suggestions for Twitter to improve its services, including setting identity badges for Twitter Blue premium subscribers, banning ads, lowering fees, and accepting Dogecoin payments.
Musk also floated the idea of converting Twitter's San Francisco headquarters into a homeless shelter "because there's no one there anyway." Twitter announced last year that its employees could work from home indefinitely.