"Elon's appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board," Agrawal wrote in a reposted note originally sent to Tesla employees."I believe this is for the best."
He now has a 9% stake in Twitter, raising questions about how he might try to reshape the social media platform as Twitter's biggest shareholder. He's also been locked in a long-running dispute with the U.S. Securities and Exchange Commission over his Twitter activity. Musk and Tesla in 2018 agreed to pay $40 million in civil fines and for Musk to have his tweets approved by a corporate lawyer after he tweeted about having the money to take Tesla private at $420 per share. That didn't happen but the tweet caused Tesla's stock price to jump. His lawyer has contended that the SEC is infringing on Musk's free speech rights.