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• 'Elon is our biggest shareholder and we will remain open to his input,' says Parag Agrawal
Elon Musk, the world's richest man and Twitter's (NYSE: TWTR) largest shareholder, will not join the board of directors.
Parag Agrawal, the CEO of Twitter, announced the news on Twitter late Sunday night and a memo to his colleagues.
The unexpected decision occurred less than a week after Twitter announced that Elon Musk, would join its board of directors after surreptitiously accumulating a 9.2% stake in the social media business.
"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," Agrawal wrote in a note.
Musk did not specify why he changed his mind about taking on the additional responsibility, according to the Twitter CEO.
"We have and will always value input from our shareholders, whether they are on our board or not," Agrawal said in the tweet. "Elon is our biggest shareholder and we will remain open to his input."
Musk shared several improvements in the social media firm and its products over the weekend, without indicating that he had rejected the board position at Twitter.
In one of the posts, Musk said "since no one shows up anyway," Twitter's headquarters in San Francisco should be converted into a homeless refuge.
Musk's suggestions included allowing Twitter Blue customers to pay with dogecoin and receiving an authentication checkmark.
Read more: Musk says Tesla may get into lithium business as prices soared nearly 490% since last year
"Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark," Musk tweeted.
He said that advertisements should be entirely removed from Twitter at one point where currently advertising accounts for the majority of Twitter's revenue.
Picture Credits: Business Insider