Twitter shares fell Monday morning after CEO Parag Agrawal revealed that Elon Musk has abandoned his plan to join the company’s board.
The social media company’s stock briefly tumbled more than 8% to less than $43 a share at 4 a.m. ET before recovering slightly. The stock was down about 1% at 10:53 a.m. ET after briefly turning positive.
On April 5, Musk and Twitter said he would be joining Twitter’s board. A day earlier, the Tesla and SpaceX CEO disclosed via financial filings that he’s Twitter’s biggest shareholder, with a 9.2% stake in the firm.
Musk would have been appointed to Twitter’s board on Saturday, but the world’s richest man informed the company that day that he would not, in fact, be taking the board seat. Twitter’s investor relations page is yet to be updated and Musk is still listed as a board member.
“Elon has decided not to join our board,” Agrawal wrote Sunday on Twitter. “I sent a brief note to the company, sharing with you all here.”