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 ...
I’ll take door #1.
I think this gives Elon Musk the leverage to go all in “Boone Pickins” on Twitter. Elon can put a real squeeze on Twitter if he chooses.
The biggest drawback is human behavior among the legislators and enforcers.Anti-trust isn't the right legal remedy here: equal protection is.
any of those could be correct
“Since the market opened, shares have been up. My guess would be on purchases by Musk supporters.”
Or George Soros.
The reversal likely stemmed from a dispute between Musk and Twitter over how the billionaire could discuss the company’s activities in public — and more trouble lies ahead, according to Wedbush analyst Daniel Ives.
https://nypost.com/2022/04/11/elon-musks-rejection-of-twitter-board-seat-sets-up-battle/
“Twitter did not reveal what caused the board agreement to fall apart. However, Musk “liked” a tweet in which a user suggested he backed out of the deal because Twitter executives told him to “play nice and not speak freely” on the platform.”
Doesn’t make sense. If the market thought he was going to do a hostile takeover, the stock price would rise not fall. Unless the market hates the guy, which they don’t.
Anyway, Twitter is down just 20 cents as I type this. Not much of a move.
Funny, I just signed up the other day when Musk took his position. But I haven't used it. Musk may be the only person I chose to follow since everyone else who is even mildly entertaining appears to have been banned.
IF Musk joined the Board, he’d have fiduciary responsibility and any Tweet or public statement disparaging the company would make him financially liable: a lawyer’s DREAM, since he has deep pockets.
But if he merely buys a majority stake, he can FORCE his will on the company and comment however he wants; a win-win for all of us.
Same
Mmmmmm if I’m a billionaire I’m thinking why waste money on a collapsing rotgut company? Why not invest in GETTR, Frankspeech, Rumble, RSBN etc… and ignore Twitter leftscums altogether. Let the leftards keep their crumbling exalted edifices and censor all they want. Scrooge them to the max.
Dr. Evil. It wouldn’t take him much.
I enjoy him and his antics but I have no trust of him, especially because of his choices. Just look at his on again off again lady/ mother to two of his children- cheers communism. He was also hooked up with Depps ex.
He’s enjoyable to bite into but he has one hellacious aftertaste.
If Musk pulls this off and manages to change the culture at Twitter the liberal wailing and gnashing of teeth will be epic schadenfreude.
This gets better by the day.
If Musk wrests full control over Twitter then it’s value will greatly increase, IMO.
And he can put a proxy on the board without liability.
Market cap for Twitter is roughly $37 billion right now (in round-ish numbers). Musk owning 9.2% means his current investment is worth $3.4 billion.
To gain a majority stake, he’s gotta pump another $15.2 billion in... and probably more as the price would increase as he gathers more shares... so figure $16-18 billion on top of what he’s already done.
That would be... committment.
After further thought... $16-18B might be a bit optimistic.
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