https://arstechnica.com/tech-policy/2022/04/elon-musk-wont-join-twitter-board-can-thus-exceed-14-9-ownership-cap/

Elon Musk will not be joining Twitter's board of directors, dropping out of a deal that would have prohibited him from buying more than 14.9 percent of the company's stock. Musk had agreed to join the board after purchasing 9.2 percent of Twitter's stock, but Twitter CEO Parag Agrawal last night announced that Musk pulled out of the pending agreement.

Agrawal posted a note he sent to Twitter employees, which said: