Elon Musk, the world’s wealthiest man and the biggest shareholder of Twitter, will no longer join the social media service’s board of directors, the company said late Sunday.
Twitter had announced on Tuesday that Mr. Musk, 50, would be appointed to its 11-person board in a term that expires in 2024. That followed the revelation on Monday that Mr. Musk had accumulated a 9.2 percent stake in Twitter, making him its largest shareholder. Mr. Musk had agreed not to own more than 14.9 percent of Twitter’s stock or take over the company, which is based in San Francisco.
But Parag Agrawal, Twitter’s chief executive, tweeted late Sunday that the situation had changed. On Saturday morning, Mr. Musk told the company he would no longer be joining as a director, Mr. Agrawal said. No reason was given for the change.
“We have and will always value input from our shareholders, whether they are on our board or not” Mr. Agrawal said in his tweet about the news. “Elon is our biggest shareholder and we will remain open to his input.”
A spokesman for Twitter declined to comment beyond Mr. Agrawal’s post. Mr. Musk did not immediately respond to a request for comment.
This article will be updated.
Source: | This article originally belongs to Nytimes.com
