STORY: Twitter's biggest shareholder Elon Musk will not be joining its board.
That's according to Chief Executive Parag Agrawal in a tweet on Sunday.
Tesla CEO Musk disclosed a 9.1% stake in the platform last week, and said he was planning what he called 'significant improvements' to the social media platform.
His appointment to the board would have become effective on Saturday.
However, that would have also limited his stake in the company to not more than 14.9%.
Without the board seat, Musk can invest beyond that cap.
Agrawal said in his tweet that the board would remain open to his input.
Musk limited his response to a face with hand over mouth emoji on Twitter, while Tesla did not immediately respond to requests for comment.
Company insiders told Reuters that news of Musk taking a board seat had some Twitter employees panicking over the future of the social media firm's ability to moderate content.
Musk frequently tweets about his company and other topics and has been known to leave people confused as to whether he is joking.
He recently ran a series of Twitter polls to his more than 80 million followers, asking in one if they believed Twitter adhered to the principles of free speech.
And in another, whether the Twitter headquarters in San Francisco should be converted into a homeless shelter, an idea which Amazon CEO Jeff Bezos backed.