Elon Musk no longer joining Twitter’s board of directors

SAN FRANCISCO
As previously announced, Tesla CEO Elon Musk will not be joining Twitter’s board. The tempestuous billionaire remains Twitter’s largest shareholder.

Parag Agrawal, CEO of Twitter, tweeted the news. This followed a weekend full of Musk tweets suggesting possible changes for Twitter, including making it ad-free. Nearly 90% of Twitter’s revenue in 2021 came from ads.

“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 the note in a reposted version originally sent to Twitter employees. “I believe this is for the best.”

Agrawal didn’t give any explanation for Musk’s apparent decision but did drop one hint. The Twitter board “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.

Musk tweeted an emoji depicting a face with round eyes, a hand on its mouth, and a hand above it. The symbol is often used to indicate embarrassment and coy laughter. Sometimes it also has a connotation. “Oops!” It was not clear what Musk meant by the tweet, and he didn’t elaborate on it.