Tesla and SpaceX CEO Billionaire Elon Musk has chosen not to join Twitter’s board of directors, the San Francisco-based organization's CEO, Parag Agrawal said on April 10.

The declaration came as a shock after Musk, the CEO of electric vehicle creator Tesla, said he would join the board following his stock acquisition of around 9.2% of the $37 billion organization.

Musk tweeted on April 4, "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"

On Sunday Agrawal tweeted, "Elon has decided not to join our board."

He incorporated an update he sent to the organization that prominent Musk would be dependent upon a background verification and, once delegated, would need to be faithful to the monetary interests of the organization.

"We were excited to collaborate and clear about the risks," Agrawal wrote in the memo, explaining how both parties wanted Musk onboard.

"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 said.

Musk purchased a 9.2% stake in Twitter Inc. recently. Since doing as such, he has posted a series of ideas for the site, offering conversation starters about new highlights and areas of concern.

On April 5, he surveyed clients on whether they needed an edit button. The next day, the organization declared it was trying the component. What's more, in a series of tweets late Saturday, he expressed that clients of the organization's Twitter Blue premium membership service, which costs $2.99 every month, ought to get a confirmation mark.

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Joyashree Dey

CBW - External Analyst

INDIA