The company's CEO announced on Sunday that Musk is not joining the board.
Just a few days ago, it was revealed that Musk had acquired a 9.2% stake in the company and was offered a seat on the board.
On Saturday, Musk told the company that he wouldn't be taking his seat on the board.
I believe this is for the best, according to the post.
Musk's only public comment on the news came in the form of a chuckling-face emoji, which is symbolic of his mischievous character, with some likely to see the unexpected development as little more than a troll exercise targeting a company that he has long criticized.
🤭
— Elon Musk (@elonmusk) April 11, 2022
On Tuesday, we announced that Elon would be appointed to the board contingent on a background check and formal acceptance.
The update came at the end of a weekend that saw Musk fire off a number of messages detailing various changes he would like to see at Twitter.
They included removing ads from the platform, turning the headquarters into a shelter for the homeless, and removing the D from the platform.
The team will remain open to Musk's input as he is still the company's largest shareholder.
The full statement was posted on Sunday.
Elon Musk has decided not to join the board. Here is what I can tell you about what happened.
The board and I had a lot of discussions about it. We were excited to talk about the risks. The best path forward was to have the board of directors act in the best interests of the company and all shareholders, and that's what we believe we have with Elon as a fiduciary of the company. He was offered a seat by the board.
We said on Tuesday that there would be a background check and formal acceptance before he was appointed to the board. The appointment to the board was to become effective on 4/9, but the man who was to join the board later that day said he wouldn't be joining it. I think this is for the best. Whether shareholders are on our board or not, we value their input. We will be open to his input and he is our biggest shareholder.
Our priorities and goals remain the same. The decisions we make and how we execute are ours. Stay focused on the work and what we're building, and tune out the noise.
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