Musk purchased a 9.2% stake in Twitter worth nearly $3 billion, becoming its largest shareholder.
Musk was set to officially become a board member on Saturday, according to the note, and opted out the same day. Agrawal said it was"for the best."in the social media giant, or 73.5 million shares, worth about $2.9 billion, according to a U.S. Securities and Exchange Commission filing last Monday.
Twitter then said in a regulatory filing Tuesday that it entered into an agreement with Musk that would give him a seat on its board, with his term expiring in 2024. Agrawal said at the time that Musk"would bring great value" to the board. When word got out that Musk had reversed course, he tweeted out to his more than 81 million followers a single emoji, a face with a hand over its mouth - but that has since been deleted.
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