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 Agarwal tweeted this news on Sunday night.
"Elon's appointment to the board was to officially take effect from 4/9, but Elon shared the same morning that he would no longer be joining the board," Agarwal said in a tweet. "I believe it is the best. We have and always will have input from our shareholders whether they are on our board or not. Elon is our largest shareholder and we will be open to their input."
A Twitter spokesperson confirmed that Musk decided not to join the Twitter board and cited Agarwal's statement.
The development comes nearly a week after Twitter (TWTR) said in a regulatory filing that it plans to appoint the CEOs of Tesla and SpaceX to its board for a term expiring in 2024.
Musk recently revealed that he has bought a more than 9% stake in Twitter, making him the company's largest shareholder. As part of the deal for Musk joining the board, the Tesla CEO had agreed not to acquire more than 14.9% of the company's shares while he was on the board.
Tesla's stock jumped after its initial buyout was revealed.
When news of his board appointment broke, Musk tweeted that he "looks forward to working with Parag and the Twitter Board to drive significant improvements to Twitter over the coming months!"
It is not entirely clear what reforms Musk had in mind. In recent weeks, Musk suggested on Twitter that the platform does not allow free enough speech, and said it should make its algorithms open source. He also told his followers last week whether they would "want an edit button," a longtime feature request, if divisive, from many Twitter users.
Musk has not tweeted about his decision. CNN Business has reached out to Tesla (TSLA) for comment.