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elon muskThe company, the world’s richest man and Twitter’s largest shareholder, said late Sunday that it would no longer join the social media service’s board of directors.
Twitter announced on Tuesday that 50-year-old Mr. Musk would be appointed to the 11-member board of directors for a period ending in 2024. Mr Musk had a 9.2 percent stake At Twitter, it makes it its largest shareholder. Mr. Musk had agreed not to own more than 14.9 percent of Twitter’s shares or take over the San Francisco-based company.
However Parag AgrawalTwitter’s CEO tweeted late Sunday that the situation had changed. Mr. Agrawal said on Saturday morning that Mr. Musk said he would no longer be joining the company as a director. No reason was given for the change.
“We have always valued and will value input from our shareholders, whether they are on the board or not,” Mr Agrawal tweeted about the news. “Elon is our largest shareholder and we will be open to his contributions.”
A spokesperson for Twitter declined to comment beyond Mr Agrawal’s post. Mr Musk did not immediately respond to a request for comment.
This article will be updated.
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