It has been a pretty wild week for Twitter since the announcement that Elon Musk, founder and CEO of Tesla and SpaceX, had purchased 9.2% of the company’s stock; making him the single largest shareholder. After a series of almost daily twists and turns, it has now been announced that Musk is no longer joining the company’s board of directors.

The news comes from a tweet posted Sunday night by Twitter CEO Parag Agrawal, confirming that Musk had made the decision to bow out from the position on the morning of April 9th, the same day he was scheduled to officially join the board.

The included letter doesn’t give many concrete details, only adding that a background check and an official acceptance were required before Musk could join the board, both formalities in the process. Of course, there were several conditions for accepting the position, including a 14.9% cap on stock ownership during Musk’s tenure on the board. Agrawal added his support for the decision and a reassurance that Elon’s input is still welcome.

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.

The announcement that Musk had become a major stockholder has sparked several controversial discussions ranging from his regular practice of trolling people on Twitter, challenging the platform’s position on free speech, a combative relationship with the SEC, and even the classic call for an edit button.

Agrawal’s letter does vaguely allude to some of these concerns, including an obligation to act in the best interests of the company and its shareholders.

The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. 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. The board offered him a seat.

The announcement is still fresh, but Elon Musk's Twitter account has been silent in the eleven hours since the news became public. Most of his recent tweets over the weekend have been focused on SpaceX news and Tesla.

Musk's reasons for backing away from the board may not be clear at this time, but in no way should this be taken as a signal the rollercoaster ride is over. It’s possible he is delaying membership while acquiring shares in excess of the proposed cap, or this may have simply been a tactic to gain influence without legal responsibility. Alternatively, now that the stock is currently up 23% since he began purchasing shares on January 31, he may simply take the opportunity to sell some shares to make a profit on the news he created — a pattern that wouldn't be entirely out of character.