Twitter chief welcomes Elon Musk’s decision not to join board

The statement also pointed to the background check Mr Musk would have to pass to become a director and the fiduciary duties he would have to take on interests, requiring him to act in the best interests of the company and its shareholders.

“The board and I had many discussions about Elon joining the board, and with Elon directly,” Mr Agrawal wrote.

“We were excited to collaborate and clear about the risks. 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.

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective (April 9), but Elon shared that same morning that he will no longer be joining the board. 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. Elon is our biggest shareholder and we will remain open to his input.

“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. Let’s tune out the noise, and stay focused on the work and what we’re building.”

Mr Musk has not commented on the decision.

On Saturday, he tweeted a list of Twitter’s top 10 accounts, saying they rarely tweeted and asked: “Is Twitter dying?”

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