Billionaire Elon Musk will no longer join Twitter’s board of directors.
The news comes one week after the Tesla CEO took a 9% stake in the social media platform.
Last Monday, Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk that would've given the Tesla CEO a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
But Musk apparently changed his mind and informed Twitter Saturday morning that he would not take the board seat, the same day his appointment would have become effective.
There are no details as to why Musk changed his decision.
Twitter CEO Parag Agrawal said the company will still remain open to Musk’s input.
“We have and will always value input from our shareholders whether they are on our Board or not,” Agrawal tweeted Sunday.
Musk remains Twitter’s biggest shareholder.
Twitter shares dropped by as much as 4% in pre-market trading Monday, according to Yahoo Finance.