The wealthiest man on earth, Elon Musk will not join the Twitter board as per the microblogging social media executive’s announcement late on Sunday.

Elon Musk’s refusal to join Twitter’s service board came following the Tesla CEO buying 9% of Twitter on March 14.

“#ElonMusk has decided not to take a seat on #Twitter’s board, the company’s CEO said on Sunday, adding that “this is for the best,” Digital Trends Tweeted.

Key Facts:

  • In a recent statement, the Twitter CEO, Parag Agrawal stated that “Musk formally turned down the company’s offer to join the board on April 9.”
  • The announcement did not reveal the reason why Elon Musk refused to join the board.
  • While Agrawal believes that it has happened for the best, he added that the company won’t refrain from taking input from Elon Musk as he is still the biggest shareholder in the company.
  • Detailing the Twitter offer to Musk to join its board members, Agrawal noted that the microblogging site wanted Musk to serve as a fiduciary like other board of directors. If he had joined the position, he would be expected to “act in the best interests of our company and our shareholders.”
  • Twitter CEO, Agrawal further clarified that the position offer had also required a thorough background check.

The previous Monday Elon Musk announced that he had bought 9.2% of Twitter shares that are worth around $3Million. Soon after that, Twitter stated in a formal statement that Musk actually acquired 9.1% shares and the previous number was a miscalculation. With the acquisition of that many shares, Elon Musk has become the largest shareholder of Twitter beating founder Jack Dorsey’s 2.25% share.

After Musk became the largest stakeholder in the company, Agrawal revealed that the Tesla CEO has been offered a board member seat saying, “Musk was both a passionate believer and intense critic of the service which is exactly what we need…in the boardroom.” Musk said in response that, he was “looking forward to working with Agrawal and the Twitter board to make significant improvements to Twitter.”

Earlier in March, Elon Musk accused Twitter of ‘failing to adhere to free speech principles.’