Elon Musk No Longer Joining Twitter's Board

Tesla CEO  Elon Musk will not join Twitter's board of directors after being awarded a seat, Twitter CEO Parag Agrawal announced the news on Monday.

“Elon's appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board,” Agrawal wrote in a reposted note originally sent to Tesla employees. “I believe this is for the best.”

Agrawal didn't explain Musk's apparent decision, affirming that the board understood the risks of having Musk, who is now the company's largest shareholder, as a member.

But it, “believed having Elon as a fiduciary of the company, where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward," he wrote.

This move followed a weekend of Musk tweets recommended changes to Twitter, including making the site ad-free. Nearly 90% of Twitter's 2021 revenue came from ads.

Later, the regulatory disclosures revealed the mercurial billionaire had amassed a 9.2% stake in the social media platform, making him its largest shareholder.