"We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance. Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best," Agrawal said in a note to the company, shared on Twitter.

He recalled how the Twitter board of directors had many discussions about Elon joining and believed that it "was the best path forward," but at the same time was "clear about the risks."

"Elon is our biggest shareholder and we will remain open to his input," Agrawal said.

On April 4, the US Securities and Exchange Commission said that Musk had acquired a 9.2 percent stake in Twitter.

Following the announcement, the microblogging company's shares jumped by 28 percent at pre-market trading sessions this past Monday, reports UNI news agency.