Elon Musk will not to join Twitter’s board of directors, reversing course just days after he became its biggest shareholder and was offered the seat.
Parag Agrawal, the social media company’s chief executive, tweeted that Musk was meant to have been officially appointed to the board on Saturday, several days after the news was first announced.
But the Tesla chief executive then “shared that same morning that he will no longer be joining the board”, Agrawal said, without giving further details.
Agrawal added that he believed this was “for the best”, and that the company would “remain open to [Musk’s] input”.
Twitter’s shares jumped nearly 30 per cent last Monday, when a filing at the US Securities and Exchange Commission revealed Musk, one of Twitter’s most prolific users, had acquired a passive 9.2 per cent stake. Its shares rose close to 10 per cent the following day, when the board appointment was first announced.