Tesla CEO Elon Musk, who recently bought a large stake in Twitter, has decided not to join the social media company's board
Twitter CEO Parag Agrawal tweeted the news Sunday night."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," Agrawal said in the tweet."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.
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 initial purchase was disclosed.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!"It's not entirely clear what improvements Musk had in mind.
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