Elon Musk, CEO of Tesla and SpaceX, twitterThe social network he chose.

Twitter CEO Parag Agrawal announced on Sunday that Musk will continue to be Twitter’s largest shareholder and the company will continue to accept his opinion.

Musk told Twitter on Saturday morning that he wouldn’t actually sit on the board.

According to Agrawal, the appointment of musk will begin on Saturday and is “subject to background checks and formal approval.”

“We were excited to work together to clarify the risks, and we must act with Elon as the company’s trustee, like all board members, in the best interests of the company. Instead, I believed that all shareholders were the best way. Forward, “he wrote.

Twitter’s CEO didn’t say whether Musk gave him a specific reason to change his mind about accepting new obligations.

“It can be distracting, but our goals and priorities remain the same,” Agrawal said, encouraging Twitter employees to stay focused.

April 5th, Elon Musk and Twitter he Join the Twitter board.. The day before, Tesla’s CEO and the wealthiest person in the world revealed in financial statements that he is the largest shareholder of a social media company.

Twitter’s share price soared 4% on Tuesday following a board announcement.On Monday, after the Musk stock was first revealed, Twitter good day It has skyrocketed by more than 27% since the company’s IPO in 2013.

Financial filing From Twitter As long as Musk serves on the board, we have specified that we will be restricted to owning up to 14.9% of the company’s outstanding common stock, including derivative securities, swaps, or hedging transactions.

Musk can theoretically increase its stake by 9% beyond that limit.

Throughout the weekend, Musk posted many ideas for transforming social media companies and their products, without revealing on Twitter that he had declined to sit on the board.

One of the suggestions was a rough joke in the form of a Twitter poll. Musk asked people to vote on whether Twitter should remove the “w” from its name. By doing so, Twitter turns into a “titter”, hinting at the anatomy of a woman.

Contains a more serious suggestion from Musk to allow Twitter Blue Subscribers pay with Dogecoin, Get the “Authentication” checkmark to prevent ads from appearing on Twitter Blue.

“Everyone who signs up for Twitter Blue (that is, pays $ 3 a month) needs to get a certification checkmark,” Musk wrote. “And there are no ads. If Twitter relies on advertising costs to survive, the power of policy-making companies will be greatly enhanced.”

Musk also suggested that Twitter should turn its headquarters in San Francisco into a homeless shelter. “Because no one appears anyway.”

Mask’s rival and fellow billionaire Jeff Bezos called out. Bezos said Twitter could turn part of the office into a shelter. “It worked, and it’s now easier for employees who want to volunteer,” he said, sharing a story about a similar initiative at Amazon.

Correction: This story has been updated to correct the date Twitter and Elon Musk said they would join the board.