Tesla CEO Elon Musk will not be joining Twitter’s board as previously announced. The tempestuous billionaire remains the main shareholder of Twitter.
Twitter CEO Parag Agrawal tweeted the news, which followed a weekend of tweets from Musk suggesting possible changes to Twitter, including making the site ad-free. Nearly 90% of Twitter’s revenue in 2021 came from ads.
“Elon’s appointment to the board was scheduled to become officially effective on 9/4, but Elon shared that morning that he will not be joining the board,” Agrawal wrote in a reposted memo originally sent to Twitter employees. “I believe it’s for the best.”
Agrawal did not offer an explanation for Musk’s apparent decision, although he did drop a major clue. Twitter’s board of directors “believed that having Elon as a trustee of the company, where he, like all board members, must act in the best interests of the company and all of our shareholders, was the best way forward,” he wrote.
At 9:30 p.m., Musk tweeted an emoji of a round-eyed face and a hand over his mouth. The symbol is often used to suggest embarrassment or shy laughter, sometimes with a connotation of “Oops!” It was unclear what Musk meant by the tweet, and he didn’t elaborate on it.