Elon Musk refused to join Twitter board

Elon Musk has refused to join Twitter's board, confirmed by Twitter CEO Parag Agrawal. 

After buying 9.2% of Twitter's shares and becoming the biggest shareholder of the company, it was announced by Twitter and later confirmed by Musk that the Tesla CEO would be taking the reigns as a new board member of Twitter. However, according to a recent announcement by Agrawal, Musk has formally refused the board member position.

On an official statement made earlier today, Agrawal said that it was "for the best" that Musk didn't end up joining Twitter's board. However, he claims that Twitter's board will still deem Musk as a valuable shareholder and will continue to value his input, regardless of whether he is a board member or not.

It is to be noted that if Musk had joined Twitter's board, he would have been unable to own more than 14.9% of the company. When the news of his share purchase went public, Musk's passive stake in Twitter was worth $2.64 billion, with Twitter as a whole increasing 23% in shares.  

Even though it is currently unconfirmed whether Musk has an interest in buying more Twitter shares, it is public knowledge that Musk has openly expressed interest in changing how Twitter works. On April 5, Musk had posted a public poll asking whether Twitter users want an edit button for their tweets. As of now, the response remains at 73.6% towards 'yes'.

Since the initial announcement of his share purchase, the Tesla CEO has also been posting 'memes' and 'conspiracy theories' about him joining Twitter's board, hinting toward making a change in the company.