Posted on 04/11/2022 6:13:30 AM PDT by shadowlands1960
- Elon Musk, 50, last week was revealed to be the biggest shareholder in Twitter, having bought a stake worth 9.2 percent - four times that of founder Jack Dorsey. - Agrawal said he thought Musk's decision was 'for the best' and said the company must remain focused on its corporate goals.
- He did not say why Musk would not join, but suggested that shareholders had expressed concern.
- Several Twitter employees tweeted reactions to the announcement, seemingly agitated by the roller coaster surrounding Musk's company involvement.
- On Monday, Twitter stock briefly fell to 8% in premarket trading, before mostly recovering to an only 2% decline.
- Analysts speculate the drop stemmed from news of Musk's board seat refusal.
Twitter stock fell 8 percent in premarket trading Monday after the social media giant revealed majority shareholder Elon Musk had refused his seat on the company's board of directors.
Musk, who disclosed a 9.2 percent stake in Twitter just a few days ago, was offered a board seat on Tuesday, and his appointment was to become effective on Saturday. But Chief Executive Parag Agrawal announced Sunday evening that the Tesla CEO had decided to decline.
'Elon shared that same morning that he will no longer be joining the board', Agrawal said on Twitter, adding that he thought it was 'for the best'
(Excerpt) Read more at dailymail.co.uk ...
So, Musk can now buy all the Twitter stock he wants. Don’t think for a moment that Musk does not have a plan. This is like the cat and the rat—he’s letting them squirm before he pounces.
The bigger elephant in the room—Starlink.
I hope the reason Musk refused a board seat is that he would’ve had to agree to not acquire more than a 10% stake. I hope he acquires a majority stake and then goes in there and cleans the place out with a flamethrower.
“Agrawal said he thought Musk’s decision was ‘for the best’ and said the company must remain focused on its corporate goals. - He did not say why Musk would not join, but suggested that shareholders had expressed concern.”
Shareholders concerned? lol You mean management is concerned now that Elon has amended his filing with SEC from passive shareholder to active shareholder bent on acquiring more stock to potentially take it over. Their asses are out the door when he takes it over and moves their headquarters next to his doublewide in Texas to make sure free speechifying comes to Lone Star Twitterland.
Do you know what the word “majority” means?
I think there is a lot of hope that Musk is the savior on Twitter. Personally, I don’t think so but I’d like to see that.
But I’m not holding my breath.
Remember when Trump was going to be President in August? That sure went away fast. I knew that wasn’t going to happen. Why do people project like this?
Even if I could I wouldn’t
Since when do board members have contracts
That's the only good thing that comes from any legislation that attempts to control Anti-Trust behavior. Of course, that requires intelligent development and enforcement of Anti-Trust legislation. The biggest drawback is human behavior among the legislators and enforcers.
“Majority shareholder”
Not quite - more like “plurality shareholder”. I suspect what happened is that he tried to get some agreement to reforms there, and they told him to stuff it, since he’s only 10%.
They had their chance. Now on to Plan B...
A liberal co-worker pointed to the phrase "Agrawal said the billionaire’s appointment to the Board was “contingent on a background check and formal acceptance.” as evidence that Musk was not to be allowed to the board--that this was Twitter's decision, and not Musk's, and that Musk "made the decision" in much the same way that politicians "decide" not to run for re-election after a major scandal.
I don't believe that line of thinking, but the liberals seem to take this as a win.
Yeah, I was quoting the article there. Obviously Musk doesn’t own 51% of Twitter.
Musk has more freedom to speak if he stays off of the board. He’s free to say anything he wants now and he can keep adding shares.
“Yeah, I was quoting the article there.”
Yep, I know you know. I only pointed it out here as it relates to his voting strength. It’s stupid to call it ‘majority’.
“Obviously Musk doesn’t own 51% of Twitter.”
Musk does not need 51% to control Twitter. He may already have enough and the big holders will follow his lead. Musk for all intent and purposes already controls Twitter and a Board seat would only stop is plans.
Since the market opened, shares have been up. My guess would be on purchases by Musk supporters.
I wonder if there are any large stakeholders he can get to come over to his team?
That is what I think his thinking was regardless of who rejected whom.
1. Musk is indeed gearing up to try and buy Twitter.
2. It was just a "pump and dump", Musk never gave a flip about Twitter and this takeover talk is just an attempt to pump the stock he bought which he plans to dump for a quick profit.
3. Musk really had planned to be part of Twitter but once he got invited to the board and saw how bad the internal financials of the company really were, he decided he want's nothing to do with that boondoggle and will dump his stock as fast as he can and get out.
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