Elon Musk no longer joining Twitter board: CEO

Musk last week disclosed a purchase of 73.5 million shares -- or 9.2 percent -- of Twitter's common stock.

Elon Musk is no longer joining the board of Twitter, the CEO of the social media company said late Sunday, in a reversal less than a week after announcing the Tesla and SpaceX chief would be appointed.

Musk was named to join the Twitter board after buying a major stake in the firm and becoming its largest shareholder.

"Elon has decided not to join our board," Twitter CEO Parag Agrawal tweeted.

"Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board," Agrawal said.