Twitter shares dropped 5% in Monday’s pre-market session, after the company announced Elon Musk would no longer be joining the company’s board of directors. Musk has recently become the social media company’s largest shareholder, with a 9.2% stake.
“Elon has decided not to join our board,” Twitter CEO Parag Agrawal said in a tweet late on Sunday, sharing a note he sent to the company.
According to Agrawal, “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board.”
Agrawal added: “I believe this is for the best. We have and always will value input from our shareholders whether they are on our board or not.”