In a stunning twist after disclosing picking up a 9.2% stake in Twitter, Tesla CEO Elon Musk has now decided not to join the microblogging site’s board. Interestingly, Musk remains the largest shareholder of Twitter with the 9.2% stake, worth more than $3 billion and more than four times than that of Twitter co-founder Jack Dorsey.

“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,” Twitter’s chief executive Parag Agrawal said in a tweet.

Agrawal further added that Musk’s appointment to Twitter’s board was to become officially effective April 9, 2022. However, Tesla CEO declined the offer Saturday morning itself. “I believe this is for the best,” Agrawal wrote.