However, the billionaire remains the largest shareholder in the social media platform after buying a 9.2% stake in the company.
Twitter chief executive Parag Agrawal tweeted the update, which followed a weekend of tweets from Musk suggesting possible changes to Twitter, including making the site ad-free.
READ MORE: Twitter confirms it’s working on an ‘Edit’ button
Nearly 90% of Twitter’s revenue in 2021 came from ads.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
“Elon’s appointment to the board was to become officially effective on 9/4, but Elon shared that morning that he would not be joining the board,” Agrawal wrote in a memo originally reposted. sent to Tesla employees.
“I believe it’s for the best.”
No official explanation was given for Musk’s decision, although he continued that Twitter’s board “felt to have Elon as a trustee of the company, where he, like all board members, must act. in the best interest of the company and all of our shareholders, was the best way to go.
And no advertising. The power of corporations to dictate policy is greatly increased if Twitter depends on advertising money to survive.
— Elon Musk (@elonmusk) April 10, 2022
Last week, Musk bought 73.5million shares on Twitter, worth around $3bn (£2.2bn).
It was later announced that he would be joining the board and Musk teased users with an online poll asking if they would like an edit button for the social media platform.
Later, writing on Twitter, the social media platform said, “Now that everyone is asking…
“Yes, we have been working on an editing feature since last year! »
“No, we didn’t come up with the idea of a poll,” he said, adding a blinking emoji.
“We are launching tests within @TwitterBlue Labs in the coming months to find out what works, what doesn’t and what is possible.”