'Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here,' Parag Agrawal tweeted Sunday night.
In a securities filing Tuesday, Twitter said that Musk would be named to the board as “promptly as practicable,” with a term set to expire at the 2024 annual meeting.
The letter agreement between Twitter and Musk also stipulates that “for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9 percent of Company’s common stock outstanding.”
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