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.
The move capped a whirlwind week at Twitter that had been set off by Mr. Musk, 50. On Tuesday, Twitter announced that the billionaire would be appointed to its 11-person board for a term that expires in 2024. The invitation to join the board followed Mr. Musk’s accumulating a 9.2 percent stake in the company, making him its largest shareholder.
But Parag Agrawal, Twitter’s chief executive, tweeted late Sunday that the situation had changed. On Saturday morning, Mr. Musk — who is a heavy Twitter user with more than 81 million followers — told the company he would no longer become a board member, Mr. Agrawal said.
“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.”
No reason was given for the reversal. But Mr. Musk had been tweeting erratically throughout the weekend, polling his followers with barbed questions about the future of the social…
You can Read this Complete Story at: