Posted on 04/11/2022 7:10:44 PM PDT by bitt
Elon Musk’s decision to reject a seat on Twitter’s board of directors could set up a “Game of Thrones”-style battle over the social media platform’s future in the coming days, according to a prominent analyst.
Twitter CEO Parag Agrawal said Musk backed out of an agreement to take a board seat on Saturday, the same day his appointment was set to become official.
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.
“This now goes from a Cinderella story with Musk joining the Twitter board and keeping his stake under 14.9% helping move Twitter strategically forward to likely a ‘Game of Thrones’ battle between Musk and Twitter with the high likelihood that Elon takes a more hostile stance towards Twitter and further builds his active stake in the company,” Ives said in a note to investors.
Musk, who is Twitter’s largest individual shareholder following his acquisition of a roughly 9% stake in the company, would have been prevented from acquiring more than 14.9% of the company had he joined the board, Ives noted.
By reneging on the agreement, Musk is no longer subject to that limit – meaning he can acquire even more influence by snapping up more shares.
The announcement came after Musk spent the weekend critiquing Twitter on his account, suggesting the platform might be “dying” and posting a now-deleted poll asking if the company should change its name.
(Excerpt) Read more at nypost.com ...
Unmentioned is the fact that Twitter is owned mostly by funds. Elon doesn’t need to buy it all but merely obtain the support of some Funds with large Twitter holdings. The funds want to make, not lose money. Elon is the key to making the investments pay.
“he’ll . . . replace Twitter with a better social network.”
Right, just like Trump.
Possible hostile takeover on the way.
Retribution? He buys Twitter outright, restores all politically-canceled accounts, and audits all records for political manipulation indicting Leftists.
Progressive’s are scared of Elon gaining control of Twitter. Details could be interesting.
Yes. Peter Thiel and Patrick Byrne come to mind. Not that they're not fighting for freedom already--they are--but I think social media censorship is a vital issue and I wish they were more vocal about it.
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