Elon Musk Rejects Twitter Board Seat After Sharing Numerous Criticisms of the Firm’s Method

Mr. Musk’s wild trip continues on the Twitter beat, with the billionaire Tesla proprietor deciding not to join the Twitter board, after initially being invited late final week.

Earlier within the week, it was revealed that Musk had purchased a 9.2% stake in the company, value near $3 billion, instantly making him the most important Twitter shareholder. Amid considerations of a bigger takeover, Twitter moved to appoint Musk to its board, which limits what number of shares an individual can personal at anyone time. Musk seemingly agreed, however then, late Saturday evening, Musk posted a variety of tweets vital of the corporate, together with this:

We don’t know for positive what the response was internally at Twitter HQ, however occurring Musk’s appreciated tweets, his feedback seemingly didn’t please the present Twitter board.

Following this, on Sunday night, Twitter CEO Parag Agrawal shared that Musk would no longer be joining its oversight group.

So what does that imply for Musk’s future plans for Twitter, and his stake within the firm?

It’s not possible to say, solely Musk himself would know his considering on this. However it’s fascinating to notice the revised wording of Musk’s new SEC filing on his Twitter inventory buy.

“The Reporting Individual holds the Frequent Inventory of the Issuer for funding functions. Relying on the components mentioned herein, the Reporting Individual could, once in a while, purchase further shares of Frequent Inventory and/or retain and/or promote all or a portion of the shares of Frequent Inventory held by the Reporting Individual within the open market or in privately negotiated transactions, and/or could distribute the Frequent Inventory held by the Reporting Individual to different entities.”

So to make clear, if Musk had joined Twitter’s board, his holding of Twitter inventory can be restricted. This up to date disclosure outlines that Musk is free to purchase extra Twitter inventory if and when he chooses.

“Sometimes, the Reporting Individual could interact in discussions with the Board and/or members of the Issuer’s administration crew regarding, together with, with out limitation, potential enterprise combos and strategic alternate options, the enterprise, operations, capital construction, governance, administration, technique of the Issuer and different issues in regards to the Issuer. The Reporting Individual could specific his views to the Board and/or members of the Issuer’s administration crew and/or the general public via social media or different channels with respect to the Issuer’s enterprise, merchandise and repair choices.”

And Musk can say what he desires, which appears to have been Musk’s largest bugbear in his doable appointment to the Twitter board.

Will Musk now look to purchase extra Twitter inventory, probably a controlling stake within the firm, to implement his self-claimed ‘Free Speech’ push, or will Musk slowly unload his shareholding, and reduce his criticisms of the corporate, after making some type of level with this huge buy and subsequent tweets?

Already, Musk has deleted a few of his tweets vital of the platform, however what meaning, precisely, once more, we don’t know.

Now we await the following section in Elon’s grand Twitter affect plan.