As Elon Musk considers his next move, Twitter’s stock rises.

Elon Musk, the CEO of Tesla, has declined to join the board of directors of Twitter, the social media company’s CEO stated on Sunday.

“Elon has decided not to join our board.” CEO Parag Agrawal stated, “I sent a brief note to the company, sharing with you all here.”

Musk, a Twitter critic who previously accused the company of restricting freedom to speak, recently purchased a 9.2 percent interest in the company, paying $2.9 billion for 73.5 million shares.

Agrawal wrote to empoyees, “We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.”

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance.”

He proceeded with, “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.”

The CEO ended the discussion, urging employees to ignore distractions, and to have faith in their plans.