Twitter CEO: Elon Musk will not join Twitter board

Tesla CEO Elon Musk, who recently bought a large stake in Twitter, has decided not to join the social media company's board.

Twitter CEO Parag Agrawal tweeted the news Sunday night.

"Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board," Agrawal said in the tweet. "I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input."