Billionaire Musk rejects Twitter's offer to join its board

[HONG KONG] Tesla founder Elon Musk has decided not to join Twitter's board, the social media firm's chief executive tweeted, an unexpected twist to a saga that's captivated the online community for days.

Musk had held discussions with Twitter's directors but the entrepreneur ultimately declined their offer of a board seat, chief executive officer Parag Agrawal tweeted. "I believe this is for the best," the Twitter CEO said in an internal memo he shared.

Musk disclosed just a week ago that he had taken a stake of 9.2 per cent, and Twitter said shortly thereafter he would join the board. The billionaire behind Tesla and SpaceX has been vocal about changes he'd like to effect at the social media platform in the name of free speech.

He wasted no time in appealing to the service's users about potential changes, from adding an edit button for tweets to giving automatic verification marks to premium users.

Musk's tweets have enthralled the social media sphere since that initial disclosure. His open musings about Twitter - including turning its headquarters into a homeless shelter - drew in Amazon.com founder Jeff Bezos, among other high-profile personalities.

Bezos, a fellow billionaire, responded Sunday (Apr 10) with a link to a report about a homeless shelter attached to an Amazon office building, noting that a portion of Twitter's space could be converted, making it easier for employees who want to volunteer. Musk called the suggestion a "great idea". People on Twitter weren't sure whether to take Musk seriously. "Amazingly ridiculous idea," one wrote.

The poll closed with 91 per cent of people voting in favour of the shelter. BLOOMBERG