Tesla and SpaceX CEO Elon Musk will not join Twitter's board of directors, Twitter CEO Parag Agrawal announced late Sunday night.
Musk recently purchased a 9.2% stake in the company for nearly $3 billion.
What are the details?
In a statement shared to Twitter, Agrawal wrote, "Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here."
"The Board and I had many discussions about Elon joining the board, and with Elon directly," Agrawal wrote. "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."
"We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance," the statement continued. "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."
He added, "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."
You can read the statement it its entirety below.
According to a Monday report from the New York Times, by declining to join Twitter's board, the billionaire "will also no longer be bound by a previous agreement he had signed with the company."
"Under a 'standstill' agreement last week, he had pledged not to purchase more than 14.9 percent of Twitter’s stock and not to take over the company," the outlet reported. "That suggests Mr. Musk could now keep adding to his stake in the company."
Musk has yet to issue a comment on the decision or what it could mean for any future plans with the company at the time of this reporting.