Elon Musk will no longer be joining Twitter’s board of directors as was previously announced last week.

However, the billionaire remains the social media platform’s largest shareholder after purchasing a 9.2% stake in the company.

Twitter chief executive Parag Agrawal tweeted the update, which followed a weekend of tweets from Musk suggesting possible changes to Twitter, including making the site advertisement-free.

READ MORE: Twitter confirms it is working on an ‘edit’ button

Nearly 90% of Twitter’s 2021 revenue came from ads.

“Elon’s appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board,” Mr Agrawal wrote in a reposted note originally sent to Tesla employees.

“I believe this is for the best.”

No official explanation was given for Musk’s decision, although he continued that the Twitter board “believed 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.”

Last week Musk purchased 73.5 million shares in Twitter, worth about 3 billion dollars (£2.2 billion).

It was later announced he would be joining the board of directors and Musk teased users with an online poll asking if they would like an edit button for the social media platform.

Later, writing on Twitter, the social media platform said: “Now that everyone is asking…

“Yes, we’ve been working on an edit feature since last year!”

“No, we didn’t get the idea from a poll,” it said, adding a winking emoji.

“We’re kicking off testing within @TwitterBlue Labs in the coming months to learn what works, what doesn’t, and what’s possible.”