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Elon Musk decided not to join Twitter’s Board of Directors after buying a 9.2% stake

Twitter’s top people think one of the platform’s top trolls has decided to join their ranks, but in the end he’s just trolling them.

Late Sunday, the social media company’s CEO, Parag Agrawal, tweeted that Elon Musk will not join Twitter’s board, reversing a widely publicized plan announced last week. Around the same time, Musk revealed that he had purchased a 9.2% stake in the business, becoming the company’s largest shareholder in the process.

“Elon’s appointment to the board will officially take effect on September 4, but Elon shared on the morning of the same day that he will no longer be on the board. I believe this is for the best,” wrote Agrawal. Seemingly alluding to Musk’s provocations and the accompanying media frenzy, Agrawal added, “There will be distractions ahead, but our goals and priorities remain unchanged. change.”

For his part, Musk simply tweeted a version of the following emoji: 🤭.

Agrawal’s comments marked a significant change in tone from his tweets on April 5, when he said that Musk was “both an avid believer and a fierce critic. in terms of service, exactly what we needed on @Twitter and in the boardroom.”

In the days that follow, Musk spends part of the weekend polling his followers on ways to change Twitter, in serious and grotesque forms.

“Delete w in twitter?” he request on Sunday. Two possible answers to the poll: “yes” and “of course”.

In addition, Musk weighed in on whether to turn Twitter’s headquarters into a homeless shelter and made policy recommendations for the company’s paid membership service, Twitter Blue, including includes a new type of verification badge.

Musk was probably discouraged from being on the board because of a regulation that forbids him from acquiring more than a 14.9% ownership stake in the business. For some audiences, including Musk’s numerous Twitter followers, the provision suggests that the company’s leadership just wants to limit the amount of influence he can amass.

Musk, the richest man in the world, polled his followers in March on whether Twitter adheres to free speech guidelines (more than 70% of the time). speak are not). When news of his investment later went public, it appeared he bought the stock in response to their feedback.

In fact, records show, he started buying stocks at least as far back as January.

Over the years, Musk has used the platform to announce official news from his main companies, Tesla and SpaceX; to resonate with critics; and to troll the internet. That caused him to soak in hot water several times.

Most famously, in 2018 he announced that he was considering acquiring the private electric carmaker at $420 per share, sending the company’s stock soaring.

The Securities and Exchange Commission fell out of favor with the matter, especially after it determined that Musk didn’t actually have “secured financial resources,” as he suggested. He eventually settled with the company, paid a $20 million fine, and stepped down as Tesla chairman.

But his Twitter fingers haven’t slowed down since.

https://www.thedailybeast.com/elon-musk-decides-against-joining-twitters-board-of-directors-after-buying-up-92-percent-stake?source=articles&via=rss Elon Musk decided not to join Twitter’s Board of Directors after buying a 9.2% stake

Russell Falcon

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