Elon Musk Will Not Be a part of Twitter’s Board, Firm Says

Elon Musk, the world’s wealthiest man and the most important shareholder of Twitter, will not be a part of the social media service’s board of administrators, the corporate stated late Sunday.

Twitter had introduced on Tuesday that Mr Musk, 50, can be appointed to its 11-person board in a time period that expires in 2024. That adopted the revelation on Monday that Mr Musk had accrued a 9.2 p.c stake in Twitter, making him its largest shareholder. Mr. Musk had agreed to not personal greater than 14.9 p.c of Twitter’s inventory or take over the corporate, which is predicated in San Francisco.

However Parag Agrawal, Twitter’s chief government, tweeted late Sunday that the state of affairs had modified. On Saturday morning, Mr Musk instructed the corporate he would not be becoming a member of as a director, Mr Agrawal stated. No cause was given for the change.

“Now we have and can all the time worth enter from our shareholders, whether or not they’re on our board or not” Mr Agrawal stated in his tweet concerning the information. “Elon is our largest shareholder and we are going to stay open to his enter.”

A spokesman for Twitter declined to remark past Mr. Agrawal’s publish. Mr. Musk didn’t instantly reply to a request for remark.

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