After buying a large stake in Twitter, tweeting as if he now owns the company, and being invited to be on the company's board, Musk decides against the opportunity. Keep in mind that this wasn't just a simple "maybe" situation, but rather one in which Twitter produced paperwork and made public announcements. Now, the social media platform is pointing to "distractions ahead."
Twitter CEO Parag Agrawal, who endorsed Musk's involvement, said the board has had multiple discussions with Musk, though he didn't share why the Tesla and SpaceX CEO changed his mind. He did, however, make it clear that Twitter's priorities will not change going forward.
"I believe this is for the best. There will be distractions ahead, but our goals and priorities remain unchanged."
Agrawal also shared a note on Twitter that he sent to the company:
As you can see, Musk's official Twitter board appointment was set to happen a few days ago, on Saturday, 9 April 2022. According to Reuters, the change of plans was "so abrupt" that Twitter's company website actually listed Musk as a board member after he declined the invitation.
The publication says Musk responded on Twitter with a "face-with-hand-over-mouth emoticon." In the meantime, the busy CEO has been tweeting and responding often, and many of his tweets have something to do with Twitter.
Perhaps the most interesting was a tweet he sent about turning Twitter's San Francisco headquarters into a homeless shelter. However, it appears Musk may have since deleted the tweet. It's important to note that as a board member, Musk would have likely been limited about what he could tweet about the company, though that isn't the case if he's just an investor.
At any rate, Jeff Bezos chimed in agreeing with Musk's plan, and Musk responded positively, noting that Bezos' idea was great. For those unaware, the two billionaires have an ongoing rivalry, which makes it rare for them to interact positively on social media.
Now that Musk isn't going to be on the Twitter board, his stake in the company won't be capped at the 14.9% that was part of the board agreement. At this point, Musk could now hypothetically "buy" Twitter.
This is a developing story. We'll have to wait and see if more details become available. More importantly, only time will tell what Musk decides to do related to his involvement with Twitter going forward.