Elon Musk, the Tesla CEO, will not be joining Twitter’s board anymore, changing his mind at the last minute. Musk was supposed to be officially named to the company’s board on Saturday, April 9, but he shared the same morning that he would not move ahead with the appointment.

“I believe this is for the best,” CEO Parag Agarwal said in a statement on Twitter about Musk’s decision. “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.”

Musk recently disclosed a passive 9.2% stake in Twitter and later it was announced that he would join the board. The way Musk disclosed the stake raised questions over whether he broke the Securities and Exchange Commission (SEC) rules. He revealed the stake many days later than required by law, and given that he had engaged in discussions with management and the board, he should have filed a Schedule 13D instead of a Schedule 13G. When his appointment was announced, Musk did switch his passive stake to active.

Agarwal said in a statement that he and the board had many discussions about Musk joining the board, including with Musk himself. “We were excited to collaborate and clear about the risks,” Agarwal noted. “We also believed that having Elon as a fiduciary of the company 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.”

Shares in Twitter were down 4.5% in pre-market trading Monday. They rose 30% after Musk disclosed the stake.