In a note posted to Twitter on Sunday, chief executive Parag Agrawal shared Musk's decision and warned of more drama with “distractions ahead”.
Agrawal wrote that the company’s board held many discussions with Musk, but did not elaborate further on the reason for the Tesla CEO’s decision.
Agrawal said the planned appointment was due to become effective on Saturday, in a move which would have then prevented the world’s wealthiest person from becoming a beneficial owner of more than 14.9 per cent of Twitter’s common stock.
The conclusion that many observers are drawing from these developments is that Musk's future intention may be to acquire more Twitter stock.
In his Twitter note reflecting on Musk’s decision, Agrawal said: “I believe this is for the best. There will be distractions ahead, but our goals and priorities remain unchanged.”
The announcement was so abrupt that Musk was still listed on Twitter’s board of directors on its website as of...