Elon Musk Will No longer Sign up for Twitter’s Board, Corporate Says

Elon Musk, the arena’s wealthiest guy and the largest shareholder of Twitter, will now not sign up for the social media carrier’s board of administrators, the corporate mentioned past due Sunday.

Twitter had introduced on Tuesday that Mr. Musk, 50, can be appointed to its 11-person board in a time period that expires in 2024. That adopted the revelation on Monday that Mr. Musk had accumulated a 9.2 percent stake in Twitter, making him its biggest shareholder. Mr. Musk had agreed to not personal greater than 14.9 % of Twitter’s inventory or take over the corporate, which is primarily based in San Francisco.

However Parag Agrawal, Twitter’s leader government, tweeted past due Sunday that the location had modified. On Saturday morning, Mr. Musk instructed the corporate he would now not be becoming a member of as a director, Mr. Agrawal mentioned. No explanation why used to be given for the trade.

“We’ve and can all the time price enter from our shareholders, whether or not they’re on our board or now not” Mr. Agrawal mentioned in his tweet concerning the information. “Elon is our greatest shareholder and we can stay open to his enter.”

A spokesman for Twitter declined to remark past Mr. Agrawal’s submit. Mr. Musk didn’t right away reply to a request for remark.

This article is going to be up to date.

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