New York (CNN Business) Tesla CEO Elon Musk, who recently bought a large stake in Twitter, has decided not to join the social media company’s board.
Twitter CEO Parag Agrawal tweeted the news on Sunday night.
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“Elon’s appointment to the board was officially effective April 9, but Elon shared earlier that morning that he will no longer be joining the board,” Agrawal said in the tweet. “I think this is the best. We value and will always value the input of our shareholders, whether they are on our board or not. Elon is our largest shareholder and we will remain open to his input.”
A Twitter spokesperson confirmed that Elon Musk decided not to join Twitter’s board and referred to Agrawal’s statement.
The development comes about a week after Twitter (TWTR) said in a regulatory filing that it planned to name the CEO of Tesla and SpaceX to its board for a term ending in 2024.
Elon Musk recently revealed that he had bought more than 9% stake in Twitter, making him the company’s largest shareholder. As part of the deal for Musk to join the board, the Tesla CEO agreed not to acquire more than 14.9% of the company’s shares while he remained on the board.
Tesla shares rose after its initial purchase was revealed.
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When news of his appointment broke, Elon Musk tweeted that he was “looking forward to working with the Parag board and Twitter to make significant improvements to the company in the coming months.”
It’s not entirely clear what improvements Musk had in mind. In recent weeks, Musk suggested on Twitter that the platform does not allow free speech and said that he should make his algorithm open source. He also polled his followers last week on whether they “want an edit button,” a long-standing, albeit divisive, request from many Twitter users.
Elon Musk has not tweeted about his decision. CNN Business has reached out to Tesla (TSLA) for comment.
– CNN’s Clare Duffy contributed to this report
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Twitter CEO: Elon Musk will not join Twitter’s board – KESQ