Elon Musk

Elon Musk, the CEO of Tesla and Twitter’s largest individual stakeholder, has declined to join the social media company’s board of directors.

Parag Agrawal, the CEO of Twitter, announced the news on Twitter late Sunday night. Musk’s decision not to join the Twitter board of directors was confirmed by a Twitter representative, who pointed to Agrawal’s statement.

The news comes less than a week after Musk said that he had bought a more than 9% interest in Twitter and that the firm planned to appoint him to its board of directors for a term ending in 2024 in a regulatory filing. Musk and Twitter’s leadership have both expressed enthusiasm for his appointment to the board. Musk and Agrawal, according to Twitter founder Jack Dorsey, would make an “amazing combo.”

Elon Musk Had Initially Shown Interest In Joining The Board

After his initial purchase was made public, Twitter’s shares soared.

Musk agreed not to buy more than 14.9 percent of the company’s stock during his tenure on the board as part of his agreement to join. Some corporate governance experts speculated that the tactic was implemented to limit Musk’s control over the corporation. That restriction is no longer in effect, allowing Musk to possibly take a more aggressive posture by purchasing more of Twitter’s stock.

Corporate board members are also known to express their ideas for the firm in private, which might have forced Elon Musk to cease tweeting about his plans for Twitter. Elon Musk’s decision to leave the board came after he made a series of tweets about the corporation, over the weekend. In one of the tweets, he suggested separating the “w” from “Twitter” — an apparent crude joke that has since been deleted — and another in which he wondered if Twitter was “dying” because a few of its most-followed accounts don’t tweet very often.