Tesla CEO Elon Musk has flip-flopped on whether to join Twitter’s board, now saying he will not be joining the social media company’s board.
Musk recently bought up a large stake in Twitter, now owning more than a nine percent stake in the company, making him the largest shareholder. A deal was struck between Musk and Twitter: If he agreed not to acquire more than 14.9 recent of Twitter’s shares, he could join the board.
Musk had tweeted out about joining the board, even tweeting a photo of him smoking weed in a previous interview saying that the next board meeting was going to be “lit.”
But then on Saturday, Musk informed Twitter he would no longer be taking a seat on the board.
Twitter CEO Parag Agrawal tweeted on Sunday a statement that Musk in fact was no longer joining the board. Musk was appointed to the board, to be official on April 9, but then Musk shared that same morning that he would not be. The statement had first been shared with colleagues, then publicly.
“I believe this is for the best,” Agrawal tweeted. The statement continued that Twitter would remain “open” to his input, as the company always values input from shareholders, whether on the Board or not.
Musk tweeted in response that he is looking forward to working with Parag and the board to make “significant improvements” in the coming months.
Twitter shares fell today after Agrawal revealed that Musk would be abandoning the plan. Last week, when news that Musk had bought such a large stake became public, Twitter shares had risen 27 percent.
Musk has complained that Twitter does not give enough free speech, a common conservative talking point. He frequently takes issue with moderation policies. An active Twitter user, Musk has 81.3 million followers.
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