Tesla and SpaceX CEO Elon Musk has abandoned his plans to join the board of Twitter.
Twitter CEO Parag Agrawal announced publicly Sunday that Musk remains the largest shareholder of Twitter, and the company will remain open to his input.
Musk informed Twitter on Saturday morning that he would not, in fact, take the board seat.
In premarket trade, on Monday, Twitter’s stock briefly tumbled more than 8% to less than $43 a share before recovering slightly. Shares were up more than 2.5% after markets opened but fell nearly 1% to $45.82 a share just before 11 a.m. ET.
Musk’s appointment would have started Saturday, “contingent on a background check and formal acceptance,” according to Agrawal.
“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,” he wrote.
The Twitter CEO did not say whether Musk gave specific reasons for changing his mind about taking on the new obligation.
On April 5, Elon Musk and Twitter said he would be joining Twitter’s board. A day earlier, the Tesla CEO and the world’s richest person disclosed via financial filings that he’s the social media company’s biggest shareholder.
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