Elon Musk, now a corporate director at Twitter with majority stakes in his pocket. (Image via Twitter)

Tesla CEO Elon Musk won't be joining Twitter's board of directors as previously announced. The tempestuous billionaire remains Twitter’s largest shareholder.

Musk was named to join the Twitter board after buying a major stake in the firm and becoming its largest shareholder.

READ MORE

Elon Musk is now $100b richer than Jeff Bezos

Within Just six days 1 Billion Meals Initiative reaches 76 million meals

Twitter CEO Parag Agrawal tweeted the news, which followed a weekend of Musk tweets suggesting possible changes to Twitter, including making the site ad-free. Nearly 90% of Twitter's 2021 revenue came from ads.

"Elon's appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board,” Agrawal wrote in a reposted note originally sent to Tesla employees. "I believe this is for the best.”

Twitter CEO Parag Agrawal

"Elon has decided not to join our board," Twitter CEO Parag Agrawal tweeted.

"I believe this is for the best."

Currently the world's richest man and with more than 80 million followers on the microblogging platform, Musk last week disclosed a purchase of 73.5 million shares — or 9.2 per cent — of Twitter's common stock.

Agrawal had announced on Tuesday that Musk would be joining the board, describing him as "a passionate believer and intense critic of the service which is exactly what we need".

Musk himself tweeted that he was "looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"

In his announcement on Sunday, Agrawal shared a note he sent to Twitter, which said Musk's appointment to the board would be contingent on a background check and that he would have to act in the best interests of the company once appointed.

"Elon is our biggest shareholder and we will remain open to his input," Agrawal added.