Elon Musk has decided not to join the board of Twitter, the company’s chief executive Parag Agrawal says.
Mr Musk’s appointment was due to become effective on Saturday after revealing last week that he had bought a 9.2% stake in the social media platform.
However, Mr Agrawal tweeted: “Elon shared that same morning that he will no longer be joining the board.”
The Tesla boss remains Twitter’s largest shareholder and the firm will remain open to his input, he added.
Mr Agrawal said, Twitter offered Mr Musk a seat on its board as the company had believed it was “the best path forward”, with board members having to “act in the best interests of the company and all our shareholders”.
However addressing Mr Musk’s decision to decline, Mr Agrawal said: “I believe this is for the best”.
“We have and will always value input from our shareholders whether they are on our board or not,” he added. “Elon is our biggest shareholder and we will remain open to his input.”