Elon Musk will not join Twitter’s Board of Directors, CEO says

Elon Musk will not be joining Twitter Inc.’s (NYSE: TWTR) board of directors, the company’s CEO Parag  Agrawal has announced.

The Tesla (NASDAQ: TSLA) chief, the world’s richest person according to Forbe’s March 2022 rich list, revealed a 9.2% stake in Twitter last week. It’s a share of the $37 billion company that saw him offered a seat on the board.

But in a tweet on Monday, Agrawal said Elon “had decided not to join.” The SpaceX CEO reportedly informed Twitter of his decision on 9 April, the effective date of his appointment to the board.

"Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best," Agrawal announced.

While Twitter has said the move is for the “best”, the company believes Musk still has a role to play at the company. 

Twitter shares slip premarket

Twitter shares slipped on the news, falling nearly 7% in premarket trades on Monday morning. The declines ate into a chunk of the gains seen last week when TWTR jumped double figures over two days, adding 30% to the stock’s value.

The stock has pared some of the losses seen premarket, currently down 3.5% at around $44.60. The last trading session had seen TWTR close 3.75% down amid broader market declines.

Dogecoin (DOGE), which surged nearly 10% last week as Musk tweeted about DOGE’s use in subscription payments for Twitter Blue, has fallen 6%. The losses though come alongside widespread bleeding in crypto, which includes Bitcoin (BTC) dropping below $42,000.