Elon Musk has decided to back out of the deal to buy a majority of Twitter.
Twitter CEO Parag Agrawal announced publicly on 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.
Agrawal wrote, “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.”
The Twitter CEO did not say whether Musk gave specific reasons for changing his mind about taking on a new obligation.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022