TwitterAfter CEO Parag Agrawal’s revelation, Monday saw shares fall in premarket trades Elon Musk has abandoned his planJoin the Company’s Board.

At 4 AM, the stock price of this social media company fell by more than 8% to $43 per share. ET and then recovered slightly.

Musk, according to Twitter and Musk on April 5, announced that he would be joining Twitter’s board. A day earlier, the TeslaSpaceX CEO, who holds a 9.2% share in SpaceX, disclosed this via financial filings.

Musk had been expected to join Twitter’s board, however, the richest man in the world informed Twitter on Saturday that he wouldn’t be. Twitter’s Investor Relations page has not been updated, but Musk is listed as an active board member.

Agrawal posted on Twitter that Elon had decided to leave our board. “I wrote a short note to the company sharing my thoughts with you all.”

Agrawal noted that Musk was still Twitter’s largest shareholder and that they will continue to welcome his ideas.

He said that he was excited about working together, and that he had been open to discussing the possible risks. We also felt that Elon, as a fiduciary, was the best way forward. He, along with all other board members, must act in the best interest of both the company’s shareholders and the company itself.

Twitter’s CEO, Musk did not mention whether he had changed his mind regarding the obligation.

After Musk’s initial disclosure, Twitter took its place on Monday. best day since the company’s IPO in 2013, skyrocketing more than 27%. 

Musk shared a variety of ideas for transforming the company and its products throughout the weekend without disclosing that he was stepping down from the Twitter board.

One suggestion was to make a crude joke about Twitter via a Twitter Poll. Musk invited people to vote whether Twitter should remove the “w” in its name. This would make Twitter “titter,” a reference to female anatomy.

Musk had more serious ideas, including letting Twitter blue be his. subscribers pay with dogecoin, get an “authentication” checkmark, and keep Twitter Blue free of advertisements.

Musk posted that “Everyone signing up for Twitter Blue (ie, $3/month) should be issued an authentication stamp.” “And no ads. If Twitter relies on advertising to survive, it will increase the power of corporations to control policy.

Musk suggested to Twitter that it transform its San Francisco headquarters into a shelter for the homeless, because “no one comes anyway.”

Also, he suggested that Twitter’s user numbers were inflated by bots. He even asked the question “Is Twitter dying?”

— Lora Kolodny provides additional reporting.