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Mega-entrepreneur Elon Musk informed Twitter CEO Parag Agrawal Saturday that he would not be joining the company’s board of directors, and Agrawal shared the news in a tweet late Sunday.
Musk filed a Schedule 13G form with the Securities and Exchange Commission March 14, declaring his purchase of 73,486,938 Twitter shares, representing 9.2% of the company’s stock. The filing did not disclose the motive behind the transaction.
Agrawal then said in a tweet last Tuesday that Musk would join Twitter’s board of directors, receiving the same benefits as other non-employee directors and serving as a Class II director until the expiration of his term at the company’s annual meeting in 2024.
In his tweet Sunday discussing the reversal, Agrawal wrote, “The board and I had many discussions about Elon joining the board, and with Elon directly.
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