New York
CNN Enterprise
—
Tesla CEO Elon Musk, who not too long ago purchased a big stake in Twitter, has determined to not be a part of the social media firm’s board.
Twitter CEO Parag Agrawal tweeted the information Sunday evening.
“Elon’s appointment to the board was to develop into formally efficient 4/9, however Elon shared that very same morning that he’ll now not be becoming a member of the board,” Agrawal said in the tweet. “I consider that is for the very best. We’ve and can all the time worth enter from our shareholders whether or not they’re on our Board or not. Elon is our largest shareholder and we are going to stay open to his enter.”
A Twitter spokesperson confirmed Musk determined to not be a part of the Twitter board and referred to Agrawal’s assertion.
The event comes a few week after Twitter
(TWTR) stated in a regulatory submitting that it plans to nominate the Tesla and SpaceX CEO to its board for a time period that ends in 2024.
Musk not too long ago disclosed he had bought a greater than 9% stake in Twitter, making him the corporate’s largest shareholder. As a part of the deal for Musk to hitch the board, the Tesla CEO had agreed to not purchase greater than 14.9% of the corporate’s shares whereas he remained on the board.
Tesla’s inventory surged after his preliminary buy was disclosed.
When the information of his board appointment broke, Musk tweeted he was “wanting ahead to working with Parag & Twitter board to make vital enhancements to Twitter in coming months!”
It’s not solely clear what enhancements Musk had in thoughts. In current weeks, Musk had advised on Twitter that the platform doesn’t enable free sufficient speech, and stated it ought to make its algorithm open supply. He additionally polled his followers final week about whether or not they “need an edit button,” a longtime characteristic request, if a divisive one, from many Twitter customers.
Musk has not tweeted about his resolution. CNN Enterprise has reached out to Tesla
(TSLA) for remark.
– CNN’s Clare Duffy contributed to this report