It was revealed last week that Elon Musk purchased a 9.2 percent stake in Twitter for nearly $3 billion. Since then, he has been spinning ideas around with Twitter polls and comments about how to change the website, which has blocked white supremacists, neo-Nazis and Donald Trump after they violated the site's terms of service.
Now, however, Twitter CEO Parag Agrawal is revealing that Musk won't have anything to do with the board after all.
In a statement released late Sunday night, Agrawal said that despite their previous comments, Musk was not on the board and it was for the best.
"The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat," the statement said.
"We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance. Elon's appointment to the board became officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. 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 input," the statement also said.
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