Elon Musk will not be part of Twitter’s board of administrators, Twitter CEO Parag Agrawal revealed in a tweet. Last week, it was reported that Musk would be part of as a Class II director following his buy of 9.2 p.c of the corporate’s shares, however he has now determined in opposition to the transfer. 

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” mentioned Agrawal. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”

Musk’s Twitter inventory buy was value $2.89 billion when it was revealed by the SEC, however some current stories questioned whether or not he revealed his stake early sufficient. Joining the board would have restricted Musk’s purchases to 14.9 p.c of frequent inventory throughout his tenure and for 90 days afterward. 

It’s not clear why Musk determined to not be part of Twitter’s board, particularly since he appeared to be filled with concepts on tips on how to change the social media community. Most lately, he tweeted out the concept of giving verification checkmarks to paid Twitter Blue subscribers and prompt that Twitter convert its San Francisco workplace to a homeless shelter since “no-one shows up anyway.” He additionally ran a ballot asking customers if Twitter ought to add an edit button, and only a day later, the corporate confirmed it will do exactly that. 

Musk additionally lately tweeted a photograph of himself smoking hashish on the Joe Rogan podcast on Spotify in 2018, stating the following board assembly was “going to be lit.” When his becoming a member of the board appeared imminent, Agrawal offered to handle any worker considerations in a Q&A session with Musk. Musk seems to have eliminated a few of his Twitter-related tweets, just like the ballot and homeless shelter ones, over the previous couple of hours.