By Abinaya V
(Reuters) – Twitter announced on Sunday that Elon Musk had rejected an offer to join the social media company’s board of directors, less than a week after the billionaire became the company’s biggest shareholder.
Twitter Chief Executive Parag Agrawal said in a note posted on the social network that the company’s board of directors had many discussions with Musk. However, Agrawal did not provide the reason for the decision of the Tesla chief executive not to join the collegiate.
Agrawal said the planned appointment was due to take effect on Saturday, which would prevent the world’s richest person from becoming a beneficial owner of more than 14.9% of Twitter’s common stock.
“I believe this is for the best,” Agrawal said in the note. “There will be distractions ahead, but our goals and priorities remain unchanged.”
The announcement was so abrupt that Musk was still listed on Twitter’s board of directors on its website as of early Monday.
Musk, whose net worth is estimated at $274 billion by Forbes, responded with just a hand-over-mouth face emoji on his Twitter account. Tesla did not immediately respond to an email sent to the company seeking comment from the chief executive.
Musk, who has been critical of Twitter and has more than 80 million followers, posted a 9.1% share on April 4 and said he plans to bring significant improvements to the social media platform.
Twitter shares, which rose 27% on April 4 after Musk disclosed his stake in the company, have fallen 7.5% since then through Friday’s close. On Monday, they were up 3% at $47.65.
(By Abinaya Vijayaraghavan)
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