Tesla CEO Elon Musk, shown here in March, proposed a series of changes to Twitter’s subscription service, including price changes and the option to pay in dogecoin.
Patrick Pleul | AFP | Getty Images
Tesla and SpaceX CEO Elon Musk has abandoned his plans to join the board of Twitter, his social network of choice.
Twitter CEO Parag Agrawal announced publicly on Sunday that Musk remains the largest shareholder of Twitter, and the company will remain open to his input.
Musk informed Twitter on Saturday morning that he would not, in fact, take the board seat.
Agrawal wrote, “We were excited to collaborate and clear about the risks. We also believed that 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. “
The Twitter CEO did not say whether Musk gave specific reasons for changing his mind about taking on a new bond.
Encouraging Twitter employees to remain focused, Agrawal also wrote, “There will be distractions ahead but our goals and priorities remain unchanged. The decisions we make and how we execute are in our hands, no one else’s.”
On April 7, Elon Musk and Twitter said he would be joining Twitter’s board. A day earlier, the Tesla CEO and the world’s richest person disclosed via financial filings that he’s the social media company’s biggest shareholder.
Twitter’s stock jumped 4% on Tuesday following the board announcement. On Monday, after Musk’s stake was initially revealed, Twitter had its best day since the company’s IPO in 2013, skyrocketing more than 27%.
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