Twitter CEO Barack Agarwal tweeted the news on Sunday night.
A Twitter spokesman confirmed that Musk had decided not to join the Twitter group and cited Agarwal’s statement.
Musk tweeted on Tuesday, “I look forward to working with Barrack & the Twitter team to make significant improvements on Twitter in the coming months!” And Twitter founder Jack Dorsey said Musk and Agarwal would form “an incredible team”. Twitter’s share soared after his initial purchase was announced.
As part of his agreement to join the group, Musk promised not to buy a 14.9% stake in the company during his tenure. Some corporate personality experts have suggested that the move could be a way to curb Muskin’s influence over the company. Now, that limit is no longer in place, and the acquisition of Twitter’s shares opens the door for Musk to take a more aggressive stance.
In his tweet announcing Muskin’s reversal on Sunday night, Agarwal said the company’s board “believes everyone has the company’s credibility. The best way forward.”
“In our opinion, the Twitter board and Musk could not come to an agreement about interacting with the general public (various polls) on Twitter because he may still need to take a back seat / quiet stance as part of joining the board,” Whitebush analyst Dan Ives said in an investor note on Monday. He said Musk’s relationship with Twitter could now turn into a “game of drones” war between Musk and Twitter, and that Elon was more likely to take a more hostile stance on Twitter and further develop his active role in the company.
It is unknown at this time what he will do after leaving the post. In recent weeks, Musk has suggested that free speech on Twitter should not be allowed, and that its algorithm should be made open source. He held a poll last week to ask his followers “whether to edit the button”, which is a long-standing feature request, if not a separation from many Twitter users. (Twitter said last week that it has been working on the edit feature for the past year.)
“Lifelong social media lover. Falls down a lot. Creator. Devoted food aficionado. Explorer. Typical troublemaker.”