“I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his output,” Agrawal said in a message to staff, which he shared publicly on Twitter.
A Twitter spokesperson declined to comment further on Musk’s reason for not joining the board.
Later on Sunday, Musk cryptically tweeted the giggling emoji, but has yet to comment on the news that he is not now joining Twitter’s board.
The billionaire Tesla CEOin the social media giant, or 73.5 million shares. This is worth about $2.9 billion, according to a U.S. Securities and Exchange Commission filing last Monday.
Twitter then said in a regulatory filing Tuesday that it entered into an agreement with Musk. This would give him a seat on its board.
This term would expire in 2024. Agrawal said at the time that Musk “would bring great value” to the board.
When word got out that Musk had reversed course, he tweeted out to his more than 81 million followers a single emoji, a face with a hand over its mouth – but that has since been deleted.
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