April 11 (UPI) — Billionaire investor Elon Musk will no longer join Twitter’s board of directors, the social media company’s CEO, Parag Agrawal, announced.
Agrawal, who replaced Jack Dorsey as Twitter’s CEO in November, said in a note posted to his Twitter account that he believed the decision “is for the best.”
Musk, the outspoken Twitter critic who founded SpaceX and Tesla, became the social media company’s largest individual shareholder on April 4. The world’s wealthiest man bought $2.9 billion worth of Twitter’s shares.
Twitter announced Tuesday in a regulatory filing that Musk, who has more than 81 million followers, would be appointed as a Class II director through 2024.
The appointment was contingent on a background check and formal acceptance, Agrawal tweeted.
The agreement stated that Musk could not, either alone or as part of a group, become the beneficial owner of more than 14.9% of Twitter’s common stock.
He currently owns 9.2% of the company’s shares.
“Elon’s appointment to the board was to become officially effective April 9, but Elon shared that same morning that he will no longer be joining the board,” Twitter’s CEO wrote.
Agrawal added that Musk, who is worth $273 billion, remains the company’s biggest shareholder and that Twitter remains open to his input.