Elon Musk decides not to join Twitter board, says CEO Parag Agrawal

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

Musk had planned to join the board of the micro-messaging service.

The company will remain open to Musk's input after the CEO announced on Sunday that Musk remains the largest shareholder.

Musk told his followers on Saturday that he wouldn't be taking the board seat.

We were excited to clear the risks. The best path forward was to have a board that had the power to act in the best interests of the company and all of its shareholders, and that's what we had.

The CEO did not say if Musk gave specific reasons for changing his mind.

There will be distraction ahead but our goals and priorities remain the same. The decisions we make and how we execute are in our own hands.

On April 7, Musk said he would be joining the board. The richest person in the world disclosed that he is the biggest shareholder of the social media company.

The stock jumped 4% on Tuesday after the board announcement. After it was revealed that Musk had a stake in the company, it had its best day since its IPO.

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