Tesla Inc. founder Elon Musk
Tesla Inc. founder Elon Musk. Image Credit: Reuters

Elon Musk, Twitter Inc's biggest shareholder, has decided not to join the social media company's board, Chief Executive Parag Agrawal said in a tweet on Sunday.

Musk, who disclosed a 9.2% stake in Twitter just a few days ago, was offered a board seat and his appointment was to become effective on Saturday.

But "Elon shared that same morning that he will no longer be joining the board", Agrawal said in a note on Twitter.

Agrawal said the company had many discussions with Elon Musk over joining the board.

"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. I believe this is for the best," he wrote.

"We were excited to collaborate and clear about the risks. We also believed that Elon as a fiduciary of the company where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best path forward. The board offered him a seat."

Musk had on Saturday suggested changes to Twitter Blue premium subscription service, including slashing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin.

"I believe this is for the best. We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input," the Twitter CEO said.

He added that there will be "distractions ahead but our goals and priorities remain unchanged". "The decisions we make and how we execute is in our hands, no one else's. Let's tune out the noise, and stay focused on the work and what we're building," Agrawal added.

Musk's tweets have enthralled the social media sphere since that initial disclosure. His open musings about Twitter - including turning its headquarters into a homeless shelter - drew in Amazon.com Inc. founder Jeff Bezos, among other high-profile personalities.

Bezos, a fellow billionaire, responded on Sunday with a link to a report about a homeless shelter attached to an Amazon office building, noting that a portion of Twitter's space could be converted, making it easier for employees who want to volunteer. Musk called the suggestion a "great idea."

People on Twitter weren't sure whether to take Musk seriously. "Amazingly ridiculous idea," one wrote.

The poll closed with 91% of people voting in favor of the shelter.