Twitter CEO Parag Agrawal tweeted the news Sunday night.
A Twitter spokesperson confirmed Musk decided not to join the Twitter board and referred to Agrawal’s statement.
Musk recently disclosed he had purchased a 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 had agreed not to acquire more than 14.9% of the company’s shares while he remained on the board.
Tesla’s stock surged after his initial purchase was disclosed.
It’s not entirely clear what improvements Musk had in mind. In recent weeks, Musk had suggested on Twitter that the platform does not allow free enough speech, and said it should make its algorithm open source. He also polled his followers last week about whether they “want an edit button,” a longtime feature request, if a divisive one, from many Twitter users.
– CNN’s Clare Duffy contributed to this report