Twitter CEO Parag Agrawal Gives Update on Musk Transaction as Founder Jack Dorsey Exits Board The social media company had its annual shareholders meeting on Wednesday.

Twitter founder and former CEO Jack Dorsey has officially resigned as a member of Twitter's Board, a move that was not completely unexpected amid Elon Musk's bid to purchase and probable acquisition of the social media company.

Dorsey's term on the Board expired on Wednesday, the same day as Twitter's annual shareholder meeting, and he did not wish to extend his term.

Musk did not attend the meeting himself, though he is Twitter's majority shareholder with ownership of about 10% of the company's shares.

Related: Jack Dorsey Breaks Silence on Musk Takeover: 'I Trust His Mission to Extend the Light of Consciousness'

The infamous billionaire's name was mentioned several times throughout the meeting in questions, though CEO Parag Agrawal explained that the executives would not be addressing the potential acquisition.

"We are working through the transaction process," the Twitter CEO said. "For regulatory and other reasons, we cannot discuss the transaction today. Even as we work toward closing this transaction, our teams and I remain focused on the important work we do every day to serve the public conversation."

This would lead many to believe that the deal is moving forward, despite threats from Musk over the past few weeks that the deal was "on hold" due to accusations that Agrawal would not show Musk proof that only 5% of user accounts on Twitter are spam accounts and bots.

Related: It's Official: Elon Buys Twitter

Dorsey stepped down from his executive position at Twitter last November, promoting Agrawal from Chief Technology Officer to CEO upon his departure, noting a desire to see Twitter become the "most transparent company in the world."

"I'm really sad … yet really happy," Dorsey penned upon his departure. "There aren't many companies that get to this level. And there aren't many founders that choose their company over their own ego."

The Twitter founder has also recently spoken highly of Musk upon the news of his bid to purchase, calling Musk's potential ownership "the right path" for the company.

"Elon is the singular solution I trust," Dorsey wrote bluntly. "I trust his mission to extend the light of consciousness."

Dorsey did not publicly comment about the meeting nor his departure.

Twitter was up around 5% in a 24-hour period on Thursday afternoon.