Posted on 04/11/2022 5:11:38 AM PDT by JV3MRC
Tesla CEO Elon Musk declined a seat on Twitter’s board of directors after becoming the platform’s largest shareholder with a massive 9.2 percent stake. But this move could end up signifying an even greater play by Musk to seize control of the platform, according to CNBC.
Leftist Twitter CEO Parag Agrawal tweeted late April 10 that the world’s richest man “decided not to join our board.” Agrawal seemed to admit the quiet part out loud when he said that having Musk “as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward.” Musk’s appointment was supposed to take effect April 9, “but Elon shared that same morning that he will no longer be joining the [B]oard. I believe this is for the best,” Agrawal claimed.
There could be another reason why Musk chose an about-face. He could attempt a hostile takeover of the company.
(Excerpt) Read more at newsbusters.org ...
They probably gave him a hard time about asking if Twitter was dying.
buy another 45% and appoint his own board.
Disappointing.
It was the first thing I thought of when I heard he bought that stock.
I still like Elon’s idea of converting Twitter headquarters into a homeless shelter. Remote workers don’t need their cubicles anymore and cubicle condos for the homeless has a nice ring to it, especially if they come with a hot plate and a healthy helping of free speech.
If I were Twitterpaters I would be panicking about now.
Excellent idea. Question, how would one do that without exorbitantly inflating the price of the stock even as one is buying it up?
He wouldn’t have much power as just one board member. His power comes from the implicit threat that he might just buy controlling interest, and that threat is more really when he deliberately turns down a seat. That’s what they’re worried about.
By being on the board, they were restricting him from owning something like 12.5%. (He owns 9%) No off the board, he has no restrictions. Power play.
I suspect he could easily obtain another 15% in the next 45 days and that controlling interest will be about the 24% range. Considering the institutional holders of the stock, he also has well over 25% in play there too.
I just don’t really trust Musk. He has no problem getting in bed with China over Tesla, he has used quite a bit of government aid (taxpayer funds) for both space X and Tesla, he uses social media to appear as a possible alternative politician which creepers gush over, and I just don’t think I’m buying what he’s selling.
When Ross Perot went on the GM board after GM bought EDS he lasted a fer board meetings from what I was told. The last was after the monthly perfunctuary meeting wherein he asked this question: why are not the assembly lines heated to the same standard as the board’s parking lot? I guess he rocked the boat as musk did.
Follow him on Twitter. Watch his Babylon bee interview. He’s practically red pilled poltically.
Don’t be disappointed.
If he joined the board he would be under constraints as to what he can do stock wise.
As a stockholder, and a big one at that, he can do more ‘damage’ to their little plans that if he was on the board.
This may signal the beginning of a hostile takeover of the company.
What happens to the stock price if there is a hostile takeover?
Actually, IMHO, it’s a smart move by Musk.
It now frees him to buy the whole stinkin’ outfit IF he sees fit.
As posted above, he can buy another 45%, then fire the whole damn communist bunch, appoint a new board to his liking and completely remake/shape it into whatever he sits fit.
Welcome to America, commies.
Who is John Galt?...........................
How can his option to own MORE stock/control be disappointing?
I’m glad he turned down the (stock ownership) limiting Board seat.
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