Musk will not be joining the site’s board of directors.

Last week, after purchasing a large, controlling portion of its stock, SpaceX and Tesla CEO Elon Musk announced that he would be joining Twitter’s board of directors in the near future. The announcement caused a spike in Twitter’s stock value, and the members of Twitter’s board were openly ready and willing to welcome Musk into their fold. However, over the weekend, before Musk’s appointment was slated to take place, he has apparently backed down.

Twitter announced this morning that Musk has changed his mind and will not be joining their board of directors, though the precise reason for the walkback was not given. This announcement caused Twitter’s stock values to shed about 8%, though they recovered over the course of the morning.

“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,” wrote Twitter CEO Parag Agrawal.

Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk

— Parag Agrawal (@paraga) April 11, 2022

Musk will still maintain ownership of the Twitter stock he purchased, and Agrawal has clarified that while he will not be joining the board, they will still be open to Musk’s input on Twitter’s running as an investor.