Elon Musk reverses his decision to join the board of directors.

Twitter’s CEO has stated that Elon Musk’s decision not to join the social media giant’s board of directors, despite becoming the company’s single largest shareholder, is “for the best.”

According to Parag Agrawal, the Tesla and SpaceX founder informed him of his decision on Saturday, the day he was supposed to be appointed.

“I believe this is for the best,” Mr. Agrawal said, adding that the company had been “clear about the risks” of Musk joining the board but did not elaborate.

However, the board decided that Musk should be a “fiduciary of the company,” which means that “he, like all board members, has to act in the best interests of the company and all our shareholders,” he added.

Musk appeared to be looking forward to joining the board, tweeting on Thursday that the board’s next meeting was “going to be lit.”

Musk, who describes himself as a free-speech absolutist, has previously criticized Twitter.

Musk tweeted after Donald Trump was barred from Facebook and Twitter that many people would be upset if US tech companies acted as the “de facto arbiter of free speech.”

Before acquiring his stake, he conducted a poll in which he asked users if they believed Twitter adhered to the principle of free speech.

A day after becoming the site’s largest shareholder, he asked users if they wanted an edit button, which the site has been working on for some time.

He has also proposed allowing users to pay for Twitter Blue’s premium subscription service with the cryptocurrency dogecoin.

Musk has proposed that Twitter’s headquarters in San Francisco be converted into a homeless shelter.

Following Mr. Agrawal’s announcement, he tweeted a hand-over-face emoji.

The CEO stated that the board was “excited to collaborate” with Musk after conducting a “background check,” and that they had “many discussions” about it, both among themselves and with Musk.

“Elon is our largest shareholder, and we will continue to welcome his input,” Mr. Agrawal said in a tweet.

Twitter had already informed the US Securities and Exchange Commission that Musk would join the board as a Class II director after purchasing a 9.2 percent stake worth nearly $3 billion.

Shares increased by 27% after he disclosed his stake.

They were 3% lower at the open on Monday after the market had its first chance to react to the news that he would not be joining the board, though they later recovered.

Some Twitter employees were concerned about the board offer because of his stance on moderation.

Several employees told Reuters that Musk’s views could undermine years of efforts to make Twitter a place of healthy discourse, and could allow trolling and mob attacks to flourish.