Twitter CEO Parag Agrawal tweeted about Musk’s change of heart late Sunday. Agrawal did not provide an explanation for Musk’s decision, but indicated that he believes it is “for the best.”
The announcement comes five days after Agrawal announced Musk’s appointment to Twitter’s board of directors, following the billionaire’s purchase of a 9.2% stake in the company.
“We were excited to collaborate and be clear about the risks,” Agrawal said on Sunday. “We also believed that 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. The board offered him a seat.”
Musk’s appointment had to go through a “background check and formal acceptance” on April 9, but Musk announced his decision on Twitter the same day.
Musk remains Twitter’s largest shareholder, and Agrawal stated that the company will remain open to Musk’s input.