Musk is still Twitter's largest shareholder. Had he taken a board seat he would have been limited in how much of the company's shares he could own. This could be a prelude to him walking away, the start of a hostile takeover, or anything in between.

Elon Musk “has decided not to join” Twitter’s board of directors, the social media company’s CEO Parag Agrawal said late Sunday — days after they announced he would take a board seat, reports Axios.

Driving the news: Agrawal said in a memo shared to Twitter that Musk’s appointment to the board was to become officially effective on Saturday. “Elon shared that same morning that he will no longer be joining the board. I believe this is for the best,” he added.

The tweet by Twitter CEO Parag Agrawal announcing that Elon Musk wouldn't be joining its board of directors after all.

Our thought bubble: Musk is still Twitter’s largest shareholder. Had he taken a board seat he would have been limited in how much of the company’s shares he could own. This could be a prelude to him walking away, the start of a hostile takeover, or anything in between.

Flashback: Agrawal said last Tuesday that he was “excited” that Musk would join Twitter’s board, after the Tesla CEO purchased a 9.2% stake in the company.

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