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Digital Desk: Despite being the social media company's top shareholder with a 9.2 per cent stake, Elon Musk has reversed his decision to join the board of directors.
Musk was set to join the board of directors on Saturday, but Twitter's CEO, Parag Agrawal, said that Musk had denied the offer on Monday morning. Last week, Musk, worth $260 billion (£200 billion), became Twitter's largest investor and was invited to join its board of directors.
"I feel this is for the best," Agrawal said on Twitter after Musk declined to join the board. Whether our stockholders are on our board, we have always valued their input. Elon is our largest shareholder, and we will continue to listen to his suggestions."
The move came after the Tesla chief executive, an active tweeter with 81.3 million followers on the platform, followed up his stake acquisition with a series of posts proposing radical changes to the business. Suggestions included making Twitter's premium service ad-free, even though the company relies on advertising for 90% of its revenue. "The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive," Musk tweeted.
Musk announced earlier this week that he had purchased a 9% interest in the social media network.
In a regulatory filing on Tuesday, Twitter said that the Tesla and SpaceX CEO will be appointed to its board of directors for a period ending in 2024. Musk has promised not to buy more than 14.9 per cent of the company's stock while on the board of directors as part of the accord.
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