CEO says the planned appointment was due to become effective on Saturday, which would have prevented Musk from becoming a beneficial owner of more than 14.9 per cent of Twitter’s common stock
said on Sunday that Elon Musk rejected its offer to join the social media firm’s board, a dramatic turn in a week when the billionaire became its biggest shareholder, and it warned of “distractions ahead.”
“I believe this is for the best,” Agrawal said in the note. “There will be distractions ahead, but our goals and priorities remain unchanged.” The disclosure of the stake stoked widespread speculation on his intentions, ranging from a full takeover of the platform to taking an active role in corporate decisions.
Before taking a stake, Musk ran a Twitter poll asking users if they believed Twitter adheres to the principle of free speech.
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