New York : Elon Musk, CEO of Tesla Company, who recently bought a large share in Twitter, decided not to join twitter’s board.
Twitter CEO Parag Agrawal tweeted
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.
Musk disclosed that he had purchased more than 9% share of Twitter, making the company’s largest shareholder. As part of the deal for Musk to join the board, the Tesla CEO had agreed not to acquire more than 14.9% of the company’s shares while he remained on the board. Tesla’s stock surged after his purchase was disclosed.
In recent weeks, Musk had suggested Twitter on Twitter that the platform does not allow free enough speech, and its algorithm should be open source. He also created poll to his followers whether they “want an edit button,” which was a longtime feature request from many Twitter users.
Musk has not tweeted about his decision yet.