Elon Musk has decided against joining the board of the micro-blogging platform.
Parag Agrawal, the chief executive officer (CEO) of Twitter, announced in a tweet on Sunday.
Agrawal said after the company announced that the billionaire founder of Tesla would be coming on as a board member, he changed his mind.
He said Musk’s membership of the board was meant to take effect on Saturday, March 9.
“Elon has decided not to join our board,” Twitter CEO Parag Agrawal tweeted.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board,” Agrawal said.
“I believe this is for the best.”
Musk was named to join the Twitter board after buying a major stake in the firm and becoming its largest shareholder.
Currently, the world’s richest man and with more than 80 million followers on the microblogging platform, Musk last week disclosed a purchase of 73.5 million shares — or 9.2 percent — of Twitter’s common stock. His announcement sent Twitter shares soaring more than 25 percent.