Elon Musk Has Declined To Join Twitter Board, Says CEO

Twitter Inc TWTR CEO Parag Agrawal said on Sunday that Tesla Inc TSLA CEO Elon Musk has declined to join the microblogging site’s board.

What Happened: Musk declined the offer on April 9, the day his appointment was scheduled to become effective, Agrawal wrote in a post.

Musk was named a director at Twitter earlier this month, just days after he revealed a large stake in the company. The world's richest man continues to remain the largest shareholder in Twitter.

“I believe this is for the best. We have and will always value input from our shareholders whether they are on our board or not,” Agrawal said.

“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s."

Why It Matters: Twitter named Musk to its board after the billionaire entrepreneur disclosed he had picked a stake worth $2.8 billion in the company. 

Musk's term at Twitter was expected to last until 2024, with an agreement that prohibited him from being the beneficial owner of more than 14.9% of Twitter's common shares.

Musk has been a critic of some of Twitter’s policies and has said he hopes to improve the social media platform while serving on the company’s board.

Before being named a Class 2 director, Musk ran a Twitter poll asking users if they wanted an “edit button.” Twitter later revealed it had already been working on that feature.

Price Action: Twitter shares closed 3.75% lower at $46.2 a share on Friday.