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

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

Twitter CEO Parag Agrawal announced publicly Sunday that Musk remains the largest shareholder of Twitter, and the company will remain open to his input.

Musk informed Twitter on Saturday morning that he would not, in fact, take the board seat.

In premarket trading Monday, Twitter’s stock briefly tumbled more than 8% to less than $43 a share. Shares were up more than 2.5% after markets opened but fell nearly 1% to $45.82 a share just before 11 a.m. ET.