Twitter CEO Parag Agrawal tweeted the news Sunday night.
A Twitter spokesperson confirmed that Musk has decided not to join Twitter’s board of directors and noted Agrawal’s statement.
Musk recently revealed that he had bought more than 9% of Twitter’s shares, making him the company’s largest shareholder. As part of Musk’s board deal, the Tesla CEO agreed to take no more than 14.9% of the company’s stock while he remains on the board.
Tesla stock jumped after its initial purchase was revealed.
It’s not entirely clear what improvements Musk had in mind. In recent weeks, Musk suggested on Twitter that the platform does not allow enough freedom of speech, and said that it should make its algorithm open source. He also polled his followers last week on whether they “want an edit button,” an old, if divisive, feature request from many Twitter users.
– CNN’s Claire Duffy contributed to this report