Elon Musk, the world’s richest man and Twitter’s largest shareholder, will no longer join the social media service’s board of directors, the company said late Sunday.
Twitter announced Tuesday that Mr. Musk, 50, would be appointed to its 11-member board for a term expiring in 2024. That followed Monday’s revelation that Mr. Musk had built up a 9.2 percent stake in Twitter. , making him its largest shareholder. Mr. Musk had agreed not to own more than 14.9 percent of Twitter’s stock or to acquire the San Francisco-based company.
But Parag Agrawal, the CEO of Twitter, tweeted late Sunday that the situation had changed. On Saturday morning, Mr. Musk told the company that he would no longer be a director, Mr. agrawal. No reason was given for the change.
“We have and will always value the input from our shareholders, whether they are on our board or not,” Mr Agrawal said in his tweet about the news. “Elon is our largest shareholder and we remain open to his input.”
A Twitter spokesperson declined to comment alongside Mr Agrawal’s post. Mr. Musk did not immediately respond to a request for comment.
This article is being updated.
