In context: Twitter has confirmed that Elon Musk won't be joining its board of directors after all. Company CEO Parag Agrawal last week announced that the Tesla boss would sit on the board until at least 2024, but Musk has apparently turned down the seat, leaving him free to launch a potential hostile takeover.

Agrawal previously announced that Musk would be appointed to the board contingent on a background check and formal acceptance. The appointment was to become effective immediately, but Musk decided against the move.

"I believe this is for the best," wrote Agrawal. "We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input."

Musk's only response to the news was a now-deleted tweet that contained just a 'face with hand over mouth' emoji used to display coy laughter or embarrassment.

Musk's decision not to join Twitter's board of directors means he won't be limited to owning a maximum 14.9% of the company—he's already the majority shareholder, thanks to a 9.2% stake he bought on March 14. He will now be free to take a 15% or more ownership in the firm, allowing him to launch a hostile takeover.

Musk has been bombarding his 81.3 million Twitter followers with polls since his stake in the company was revealed. He questioned its policy toward freedom of speech and whether the service should have an edit button, which is in the works—though Twitter insists the decision was nothing to do with its biggest shareholder.

Musk has also suggested that everyone who signs up for the paid Twitter Blue service receive an authentication checkmark. He recently asked whether Twitter's San Francisco headquarters should be turned into a homeless shelter "since no one shows up anyway." The latter tweet, which has also been deleted, may have been tongue-in-cheek, but fellow rich-list member Jeff Bezos suggested part of the building be converted into a shelter, just as Amazon has done with its Seattle HQ.

In other Elon Musk news, the world's richest person just announced that the long-delayed Cybertruck is set to go on sale next year.