Tesla Chief Executive Elon Musk won't join Twitter’s board despite becoming its largest shareholder with a 9.2% stake, the company's head Parag Agrawal wrote in a note.

While officially it remains unclear why the Tesla CEO made such an unexpected U-turn, Agrawal said the company "will always value input" from its shareholders:

I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not.

The Internet community almost immediately started guessing about what was the true reason behind the move given that Elon was initially planning to make "significant improvements to Twitter in coming months."

While some suggested that Elon might have "refused or failed" a background check, others noted that he might be going for a 50+% stake in Twitter in the long term as his current power is "very limited."

Earlier in April, Elon purchased 73,486,938 shares of Twitter valued at almost $2.9 billion. The amount represents a 9.2% passive stake in the company and made him Twitter's largest shareholder.

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