Tesla and SpaceX CEO Elon Musk has abandoned his plans to join the Twitter board, his social network.

Twitter CEO Parag Agraval publicly announced Sunday that Musk remains Twitter’s largest shareholder and the company will remain open to his involvement.

On Saturday morning, Musk announced on Twitter that he would not actually take a seat on the board.

Shares of Twitter fell more than 8% to less than $ 43 a share on Monday, but closed at 1.69% for the day.

According to Agraval, Mask’s appointment would begin on Saturday, “subject to verification of the certificate and official acceptance.”

“We were happy to cooperate and clear about the risks. We also believed that having Ilona as a trustee of the company, where he, like all members of the board of directors, should act in the interests of the company and all our shareholders – is the best way forward.” he wrote.

The CEO of Twitter did not say whether Musk had given specific reasons for changing his mind to make new commitments.

Encouraging company employees to stay focused, Agraval said: “Ahead will be a distraction, but our goals and priorities remain the same.”

On April 5, Elon Musk and Twitter announced that he would join the Twitter board. The day before, the CEO of Tesla and the richest man in the world revealed through financial documents that he is the largest shareholder in the company of social networks.

Shares of Twitter jumped 4% on Tuesday after the board announced before ending the day at 2%. On Monday, after Mask’s stake was initially unveiled, the company had the best day since its IPO in 2013: it reached more than 27%.

Financial documentation from Twitter shows that as long as Musk works on his board, he will be limited to owning no more than 14.9% of the company’s shares in circulation, including through derivative securities, swaps or hedging transactions.

Musk could theoretically increase his stake by 9% over that limit now.

Over the weekend, without revealing that he had resigned from the board on Twitter, Musk posted a number of ideas for transforming the company’s social media and its products.

One suggestion was a crude joke in the form of a Twitter poll. Musk asked people to vote on whether Twitter should remove the “w” from its name. This would turn Twitter into a “titer,” a hint of female anatomy.

Included are more serious suggestions from Mask to allow Twitter Blue subscribers to pay with dodgecoins, get an “authentication” check mark and not leave Twitter Blue without advertising.

“Everyone who subscribes to Twitter Blue (i.e. pays $ 3 a month) should get an authentication check mark,” Musk wrote. “And no advertising. The ability of corporations to dictate policy is greatly enhanced when Twitter relies on advertising money to survive. ”

Musk also suggested Twitter turn the San Francisco headquarters office into a homeless shelter, “because no one shows up anyway.”

Competitor Mask and his fellow billionaire Jeff Bezos have joined. Bezos said Twitter could turn part of the office into a haven. “It has done great and makes work easier for employees who want to volunteer,” he said, sharing a story about a similar initiative at Amazon.

Correction: This story has been updated to correct the date when Twitter and Elon Musk announced that he would join the board.

Previous articleSony and the Lego family are investing $ 2 billion in the creator of Fortnite Epic Games
Next articleMark Zuckerberg says Meta will test Horizon Worlds virtual sales