Elon Musk Will Not Join Twitter Board, Reveals CEO Parag Agrawal

Elon Musk Delivers an Unexpected Surprise (Yet Again)

Less than a week after he announced his investment in the social media giant Twitter, Elon Musk has reversed his plan to join the company’s board of directors.

In a letter to his team, Twitter CEO Parag Agrawal disclosed just awhile ago that Musk has decided not to join the board.

"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 shareholder and we will remain open to his input," Agrawal wrote in his tweet.

The development comes less than a week after Twitter said in a regulatory filing that it plans to appoint Musk to its board for a term that ends in 2024.

Musk recently disclosed he had purchased more than 9% stake in Twitter, making him the company's largest shareholder. As part of the deal for Musk to join the board, the billionaire had agreed not to acquire more than 14.9% of the company's shares while he remained on the board.

When the news of his board appointment broke, Musk tweeted he was "looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"