Microblogging site Twitter on Monday announced that Tesla CEO Elon Musk will not be joining the company's board of directors.
The announcement was made by Twitter CEO Parag Agrawal. "Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here," tweeted Agrawal sharing the note.
According to the note, Musk who was to officially join Twitter's board on April 9 shared the same morning that he will no longer be joining the board.
"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," read the note.
"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 was to become 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," it added.
The note further said that Twitter will still remain open to the inputs from the Tesla CEO, who is also a shareholder of the social media platform.
"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," it said.
Earlier last week, Musk had disclosed that he had taken a nine per cent stake in the social media platform.
Following this, Twitter said in a regulatory filing on Tuesday that it plans to appoint the Tesla and SpaceX CEO to its board for a term that ends in 2024. As part of the deal, Musk had agreed not to acquire more than 14.9 per cent of the company's shares while he remains on the board, CNN reported.