Elon Musk decided not to join the Twitter board, CEO Parag Agrawal said

Tesla CEO Elon Musk, appearing here in March, proposed a series of changes to Twitter’s subscription service, including a price change and the option to pay in dogecoin.

Patrick Pleul | AFP | beautiful pictures

Tesla and SpaceX CEO Elon Musk has abandoned plans to join the board Twittersocial network of his choice.

Twitter CEO Parag Agrawal announced publicly on Sunday that Musk remains Twitter’s largest shareholder and that the company will remain public with his opinions.

Musk announced on Twitter Saturday morning that he will not, in fact, hold the board seat.

According to Agrawal, Musk’s appointment will begin on Saturday, “subject to a background check and formal acceptance.”

“We’re excited to partner and be clear about the risks. We also believe that for Elon to be a trustee of the company, where he, like all board members, must Acting in the best interest of the company and all of our shareholders is the best way forward,” he wrote.

The Twitter CEO did not say whether Musk had given a specific reason to change his mind about taking on the new obligation.

Encouraging Twitter employees to stay focused, Agrawal said, “There will be distractions ahead but our goals and priorities remain unchanged.”

On April 5, Elon Musk and Twitter said he would join the board of Twitter. A day earlier, Tesla CEO and richest person in the world revealed through financial filings that he is the largest shareholder of the social media company.

Shares of Twitter rose 4% on Tuesday following the board’s announcement. On Monday, after Musk’s shares were initially revealed, Twitter best day Since the company’s IPO in 2013, it has skyrocketed more than 27%.

A financial record from Twitter stipulates that as long as Musk serves on his board, he will be limited to owning no more than 14.9 percent of the company’s common stock, including through derivatives , swaps or hedging transactions.

Musk could theoretically raise his stake by 9% above that limit right now.

Over the course of the weekend, without disclosing that he turned down a board seat at Twitter, Musk posted several ideas for transforming the social media company and its products.

One of the suggestions was a crude joke in the form of a Twitter poll. Musk asked people to vote on whether Twitter should drop the “w” from its name. Doing so would turn Twitter into a “titter,” an allusion to female anatomy.

More Serious Proposals From Musk Including To Allow Twitter Blue subscribers pay in dogecoin, get the “authenticated” checkmark and keep Twitter Blue ad-free.

“Everyone who subscribes to Twitter Blue (i.e. pays $3/month) should have a checkmark,” Musk wrote. “And no ads. The power of corporations to make policy would be greatly enhanced if Twitter depended on advertising dollars to survive.”

Musk also suggested that Twitter should turn its headquarters office in San Francisco into a homeless shelter, “because nobody showed up anyway.”

Musk’s competitor and fellow dollar billionaire, Jeff Bezos, concurred. Bezos said Twitter could turn part of his office into a shelter. He shares the story of a similar initiative at Amazon: “Works great and makes it easier for employees who want to volunteer.

Correction: This story has been updated to correct the Twitter date and Elon Musk said he will join the board.

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