Twitter's largest investor, billionaire Elon Musk, is reversing course and will no longer join the company's board of directors less than a week after being awarded a seat.
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Twitter CEO Parag Agrawal announced the news, which followed a weekend of Musk tweets suggesting changes to Twitter, including making the site ad-free. Nearly 90% of Twitter's 2021 revenue came from ads.
"Elon's appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board," Agrawal wrote in a reposted note originally sent to Tesla employees. "I believe this is for the best."
Agrawal didn't offer an explanation for Musk's apparent decision. He said the board understood the risks of having Musk, who is now the company's largest shareholder, as a member. But it, "believed having Elon as a fiduciary of the company, where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward," he wrote.
