Tesla CEO Elon Musk, who recently became Twitter’s largest individual shareholder, has decided not to join the social media company’s board.
Twitter CEO Parag Agrawal tweeted the news Sunday night.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board,” Agrawal said in the tweet. “I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
A Twitter spokesperson confirmed Musk decided not to join the Twitter board and referred to Agrawal’s statement.
The development comes less than a week after the Tesla and SpaceX founder disclosed that he had purchased a more than 9% stake in the company, and Twitter (TWTR) said in a regulatory filing that it planned to appoint Musk to its board for a term ending in 2024. Both Musk and Twitter’s leadership had expressed excitement about his addition to the board.
Musk tweeted Tuesday that he was “looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” And Twitter founder Jack Dorsey said that Musk and Agrawal would make “an incredible team.” Twitter’s stock surged after his initial purchase was disclosed.