NEW: Elon Musk has decided not to join Twitter's board, says CEO Parag Agrawal.
He included a memo he sent to the company that noted Musk would be subject to a background check and, once appointed, would have to be loyal to the financial interests of the company.
The tech investor's loyalty to entities outside his orbit, which also includes his control of space travel startup SpaceX and tunneling concern the Boring Company, is a fair target of concern, given his record of using his bully pulpit to say things that turned out to boost stocks he holds. Twitter may have brought him bad news: His self-promotion and criticisms are his own business if he's not a board member. On it, however, he might have to take his voice off"We were excited to collaborate and clear about the risks," Agrawal wrote in the memo, explaining how both parties wanted Musk onboard.
"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," Agrawal said. The CEO said the only things between Musk and a board seat following the official announcement April 5 that he was joining Twitter's corporate governance were a background check and"formal acceptance" from the company.
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