Elon Musk, the founder of Tesla and SpaceX, has decided not to join the board of directors of Twitter, according to Twitter’s CEO, Parag Agrawal’s tweet on Monday.

“The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having 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,” Agrawal said in a tweet.

“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.

Agrawal tweeted last week that he was “happy” that Musk would join the board of Twitter after Musk announced a 9.2 percent investment in the company and became its largest stakeholder.

I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

— Parag Agrawal (@paraga) April 5, 2022

“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,” Parag Agarwal, CEO twitter added further.

Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk

— Parag Agrawal (@paraga) April 11, 2022

Twitter’s share has dropped 7.5 percent since Musk revealed his stake on April 4, after soaring 27 percent the day before.