Elon Musk, a Dogecoin supporter, has decided not to join the Twitter board of directors

Elon Musk, the CEO of Tesla, has revoked his decision to join the board of Twitter, according to CEO Parag Agrawal.

Agrawal announced on April 5 that the cenbillionaire will join Twitter’s board of directors, arguing that he could make the firm “stronger” in the long run. After becoming dissatisfied with several of the company’s rules, Musk purchased a 9.2 percent share in the company.

Former Twitter CEO Jack Dorsey praised the decision, adding that he would like to have Tesla CEO Elon Musk on his board of directors.

It’s unclear why Musk abruptly rescinded his plan to join the board of directors. Despite the fact that some users have branded the cenbillionaire’s U-turn as “shaky,” Agrawal feels it was done for the best. Some assume that the decision was influenced by the board member ownership cap.

Musk has proposed a redesign of Twitter Blue, the company’s premium subscription-based service. He also suggested that Dogecoin be accepted as a form of payment.

Musk’s appointment to Twitter’s board of directors was seen as a positive stimulus for the world’s most popular meme currency. Prior to disclosing his large stake in Twitter, the billionaire joked that altering the Twitter emblem from a bird to the Doge meme would be “sickkk.”

Last year, the Tesla CEO was a big proponent of Dogecoin, which sparked a massive rise. According to U.Today, the e-car maker has begun accepting DOGE as payment for select items.

However, given that Musk has declined to join the board of directors, he is more likely to play a more passive role in the company, reducing the likelihood of a Dogecoin payment option on Twitter. Despite this, Musk is still Twitter’s largest shareholder.

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