SAN FRANCISCO (WJW/AP) — Billionaire and Tesla CEO Elon Musk will no longer be joining Twitter‘s board of directors per CEO Parag Agrawal, who tweeted the news.

Agrawal wrote that he had many discussions with the board – along with Musk himself – about Musk joining them saying in part, “We also believe that having Elon as a fiduciary where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward.”

Musk was offered a seat on Tuesday but declined it on Saturday morning – the day his appointment was to become official.

Agrawal added that the company will always value input from their shareholders, whether on the board or not.

“Elon is our biggest shareholder and we will remain open to his input,” he said.

Twitter shares rose over 20 percent in early April after news that Musk acquired a 9.2 percent stake, with 73,486,938 shares, in the social media platform.

Musk recently polled his committed fan base – 80 million followers – on whether the platform “rigorously adheres” to principles of free speech. Over 70 percent responded “No,” prompting Musk to ask whether a new platform is needed.