Elon Musk, the CEO of Tesla and SpaceX, has cancelled his plans to join the board of Twitter, his preferred social media platform. On Sunday, Twitter CEO Parag Agrawal stated publicly that Musk remains the company's largest shareholder and the company will remain open to his input.
Musk said on Twitter on Saturday morning that he will not be joining the board of directors.
"We were enthusiastic to work and transparent about the risks," Agrawal wrote. We also believed that having Elon as a business fiduciary, where he, like all board members, is obligated to work in the company's and all of our shareholders' best interests, was the best road ahead."
Musk did not specify why he changed his mind about taking on a new responsibility, said the Twitter CEO. "There will be diversions ahead, but our goals and priorities remain unchanged," Agrawal said, encouraging Twitter employees to stay focused. We are solely responsible for the judgments we make and the manner in which we carry them out."
Elon Musk and Twitter announced on April 7 that he would be joining the Twitter board of directors. The Tesla CEO and world's richest person revealed that he is the social media company's largest stakeholder in financial filings a day earlier. Following the board's announcement, Twitter's shares soared 4% on Tuesday. Twitter had its biggest day since its IPO in 2013, jumping more than 27 percent on Monday, when Musk's stake was first revealed.
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