Elon Musk Makes U-Turn on Joining Twitter Board

Daniel Attoe
Daniel Attoe

Updated · Apr 15, 2022

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Elon Musk Makes U-Turn on Joining Twitter Board

The Tesla and SpaceX chief executive is the platform’s largest shareholder.

Musk’s Reversal

Elon Musk will no longer join Twitter’s board of directors, the platform’s CEO Parag Agrawal announced on Sunday. The reversal comes a week after the company disclosed that Musk would take a board appointment.

It came to light last week that the SpaceX founder had acquired a 9.2% stake, worth about $3 billion. That effectively made him its largest shareholder, albeit in a passive capacity.

“Elon Musk has decided not to join our board,” Agrawal tweeted.

The chief executive shared a note to the company where he highlighted some details.

“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board,” the note said. “I believe this is for the best.”

Agrawal went on to add that the platform will remain open to the billionaire’s opinions and suggestions.

Twitter currently has more than 300 million monthly active users and is one of the biggest social network platforms globally.

Prior to This

On Tuesday, Twitter said in a regulatory filing that it reached an agreement with the billionaire to take a seat on its board. It was to be for a term expiring at its annual shareholders' meeting in 2024. 

Musk even tweeted his excitement, declaring that he eagerly anticipated the opportunity “to make significant improvements”.

The Tesla chief then went on to share his ideas and invite suggestions from his 81 million followers.

Elon Musk has not made any comment so far on his decision to turn down the board seat.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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