Despite being a major stockholder of Twitter, Elon Musk had decided not to become a part of the company’s board of directors according to the tweet of Twitter’s CEO Parag Agrawal.
Musk's appointment was due to start on Saturday, but he informed the business that he would not be joining the board that day. Musk's suggestion to join Twitter's board of directors surfaced as he and Twitter addressed his recent acquisition of shares in the company, which amounted to a 9.1 percent holding that he declared late on Monday.
Furthermore, employees at Twitter were concerned about the hiring of a director who had breached securities laws, allowed racism to run rampant at his manufacturing factories, and advocated modifications to Twitter that might jeopardize the company's success in hate speech moderation. He would have been obligated by Twitter's code of conduct as a board member. Musk, whose prior behavior implies a systematic disregard for regulations, will not be bound by them.
Musk agreed to limit his shareholding to 14.9 percent as a condition of joining the board. Regardless, he continued to make product suggestions for Twitter and suggested that the company's San Francisco headquarters be converted into a homeless shelter. However, Musk may no longer be Twitter's top shareholder for the reason that Vanguard, a mutual fund provider, revealed a 10.3 percent investment in the company.