“Musk is using Twitter to have his opinions heard, but it’s not a core activity,” she said. “It appears to be what he does for fun.”

What is fun for Mr. Musk may turn out to be less so for Twitter. The relief among Twitter employees that he was no longer joining the board was short-lived, the current and former employees said, when they realized that he was no longer bound by an agreement to not buy more stock or take over the company.

Mr. Musk could continue toying with Twitter, the current and former employees said they had realized. Several added that they were afraid of what might come next.

Lauren Hirsch contributed reporting.

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