![]() ![]() ![]() If he doesn’t join the board, Musk would not be subject to an agreement to keep his stake at no more than 14.9%. The abrupt reversal ignites renewed speculation about Musk’s intentions for Twitter since disclosing he had taken a stake of just over 9% - becoming the social media giant’s largest individual shareholder. “ There will be distractions ahead, but our goals and priorities remain unchanged.” “I believe this is for the best,” the Twitter CEO said in an internal memo shared late Sunday. According to the CEO, Musk informed Twitter of his decision April 9, the same day he was slated to formally join the board. Musk held “many discussions” with Twitter’s directors but the entrepreneur ultimately declined their offer to take a board seat, Chief Executive Officer Parag Agrawal tweeted. This is a stunning twist to a week-long saga that’s captivated the tech community and touched off renewed speculation about the company’s future. Now that he is no longer joining the company’s board, Tesla’s CEO is free to buy as many shares as he wants in the social media platform.Billionaire business magnate, Elon Musk has refused to join, Twitter board, Twitter CEO Parag Agrawal, has just announced. Musk changing his mind on joining the board could open the door to a hostile takeover as there was a stipulation to his board seat that prevented him from owning more than 14.9% of Twitter’s outstanding shares as long as he is on the board. The CEO warned of “distractions ahead” and for employees to “tune out the noise.” Elon is our biggest shareholder and we will remain open to his input. We have and will always value input from our shareholders whether they are on our Board or not. 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. ![]() In his first public appearance since taking the reins of. We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. The new CEO of Twitter, Parag Agrawal, has a clear message: expect the social network to move a lot faster than it has in the past. Twitter CEO Parag Agrawal announced today in a memo sent to employees: ![]() However, today we learn that Musk changed his mind just a few days later. This signaled that Musk was willing to join the company and work with them from the inside. Tesla’s CEO had recently talked about starting a competing social media platform and how he believes that Twitter is dying and moving away from free speech.Ī day after revealing his stake in the company, Musk accepted an offer from Twitter’s board and management to join its board of directors. Musk didn’t make his plan clear with this investment in Twitter, but as we noted, he is not known for making passive investments and we suspected that he would look to be involved. It’s enough to make him the single largest shareholder, and he even has four times more shares than Twitter cofounder and former CEO Jack Dorsey. On Monday, an SEC filing revealed that Musk has been buying shares of Twitter and that his investment now surpasses $3 billion or about 9% of the company’s total outstanding shares. If you were living under a rock last week, you might have missed the whole saga about Musk investing in Twitter. It creates a lot of confusion and opens the door to a hostile takeover. Tesla CEO Elon Musk changed his mind and decided to walk away from his recently accepted seat on Twitter’s board. ![]()
0 Comments
Leave a Reply. |