Elon Musk will not be joining the Twitter board after all.

Parag Agrawal, Twitter's CEO, said in a tweet on Sunday evening that Musk informed the company on Saturday that he would not be taking his seat.

People all over the internet began sharing their speculations regarding the matter, with others speculating that Musk wanted to take over Twitter.

Parag Agrawal Said Elon Musk Will Not Join Twitter Board

Twitter CEO Parag Agrawal tweeted on Sunday, April 10, that Elon Musk will not be joining Twitter's board. The news comes only days after it was disclosed that Musk had purchased a 9.2% stake in the business, becoming its largest shareholder in the process.

It was noted that Musk's appointment to the board was supposed to become officially effective on Saturday.

Musk has yet to comment publicly on his choice to decline Twitter's invitation to join its board, Digital Trends reported.

Read Agrawal's tweet below:

Twitter users expressed mixed opinions regarding the matter, with a few speculating that Musk wanted to take over Twitter.

A few speculated that Twitter executives offered Musk a board seat to avoid him having more than a 14.9% ownership stake.

However, others seem to agree with Musk's plans to have several changes to the social media platform such as having an edit button. It was noted that Musk had been polling his Twitter followers on how to change the platform in both serious and humorous ways.

On the other hand, many seem to wonder what Twitter means by "background check."

Read Also: Twitter Receives Public Criticisms and Suggestions From Biggest Shareholder Elon Musk

According to Yahoo, Musk considered whether Twitter's headquarters should be transformed into a homeless shelter and made policy recommendations for Twitter Blue, the company's paid membership service, including a new type of verification badge.

In March, Musk asked his Twitter followers whether Twitter adhered to free speech ideals, with more than 70% answering no.

Musk has used the platform to announce official news from his companies, Tesla and SpaceX, as well as to slam detractors and troll the internet over the years.

Speculations on Why Musk Did Not Join Twitter's Board

Musk may have been deterred from joining the board because of a clause that would have prevented him from owning more than a 14.9%share in the company, Yahoo reported. The Verge clarified that Musk would not have been able to own more than 14.9% of Twitter if he had joined Twitter's board.

Meanwhile, according to Yahoo, the condition appeared to many observers, including Musk's horde of Twitter followers, to be a simple attempt by the company's leadership team to limit the amount of power he could wield.

It was noted that at the time that Musk's purchase became public knowledge, his stake in Twitter was worth $2.89 billion.

Related Article: Twitter Confirms Addition of Edit Button - Is Elon Musk Responsible?