Elon Musk will not be joining the Twitter board despite buying a 9.2% share of the company.
Musk was appointed to the board on Tuesday days after it was announced he had invested in the social media giant.
Since then the Tesla CEO has posted a stream of open questions about the present and future of the site, proposing new features, highlighting areas of concern, and making jokes.
But the CEO of Twitter Parag Agrawa today announced Musk would not be joining the board following a series of conversations.
Musk is known for his social media activity, randomly speculating about the Tesla price or Bitcoin, speculation that can have a huge impact with his 81m followers.
He has been wrapped on the knuckles by the SEC for some of his tweets and he once baselessly referred to one of the Thai rescue team as a 'pedo'.
Mr Agrawa wrote: "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 believe 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.
"Elon's appointment was to become officially effective 9/4 but Elon shared that same morning that he will no longer be joining the board.
"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 surprise moves comes a day after Musk put forward a host of changes to the social media giant's premium subscription service 'Twitter Blue' - including cutting the price and allowing users to pay with the dogecoin cryptocurrency.
"Price should probably be [less than] $2/month, but paid 12 months up front & account doesn't get checkmark for 60 days (watch for credit card chargebacks) & suspended with no refund if used for scam/spam," Mr Musk tweeted.
"And no ads," Mr Musk suggested. "The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive."
Mr Musk also started a poll on his Twitter account asking whether the firm's San Francisco headquarters should be converted to a homeless shelter, as "no-one shows up (to work there)".
The poll got more 300,000 votes in an hour, with 90% answering "yes".
