Twitter's Chief Executive Parag Agrawal said that its largest shareholder Elon Musk has decided not to join the board.
The Board appointment of Musk, the CEO of luxury electric vehicle maker Tesla, was due to become effective on Saturday, but he shared that same morning that he would no longer be joining the board.
Agrawal said Twitter Board offered Musk a seat believing that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all shareholders, was the best path forward.
Talking about Musk's decision, Agrawal said, "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 had revealed in a regulatory filing last week that he has around 9.2% stake in the micro-blogging platform. Being the largest shareholder, Musk was also getting ready to join Twitter as a class II director with a term expiring at the 2024 Annual Meeting of Stockholders.
Earlier, over the weekend, Musk made a series of suggestions for Twitter, including to its Blue premium subscription service. He suggested about slashing its price, banning advertising and giving the option to pay in the cryptocurrency dogecoin.
Musk also asked his around 81 million followers about changing Twitter's headquarters into a homeless shelter since no one shows up anyway.
He also asked whether the social media platform is dying as top accounts with maximum followers tweet rarely and post very little content. Musk further checked in a poll whether the letter "w" should be removed from Twitter. The only options in the poll were "yes" and "of course".
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