Elon Musk was supposed to join Twitter’s board of directors on April 9, however, on April 11, Twitter’s CEO, Parag Agrawal, confirmed that Elon Musk will not be joining the company’s board of directors. Since Elon purchased a 9.2 per cent passive ownership in Twitter, this has reopened the floodgates of conjecture. Parag shared this information in a tweet.
Interestingly, Variety reported that Musk is prohibited from owning more than 14.9 per cent of Twitter shares while serving as a director on the board. As a result, Elon joining the board would exclude him from seeking to take over the company for at least the next two years.
As a result, facts provided by Variety, one may surmise that Elon is not joining the board as a director for a solid reason. Elon’s net worth is estimated to be around $300 billion. As a result, there is a chance that Elon may want to take over Twitter as a whole in the near future, many have speculated.
Elon Musk is the largest shareholder
Elon Musk recently startled the world by purchasing a 9.2 per cent stake, the largest among shareholders, in the microblogging site Twitter Inc. Interestingly, Musk’s Twitter investment was made public barely a week after he conducted a Twitter poll in which he questioned if the social media giant was strictly sticking to free speech ideals. Musk has often hinted at how he intends to change Twitter, from prohibiting advertising to lowering its price.
It is worth noting that Musk has frequently been critical of Twitter and has made no apologies for this in his tweets. Musk uploaded a mysterious meme in December last year when Twitter announced that Parag Agrawal succeeded Jack Dorsey as CEO, depicting Agrawal as Soviet tyrant Joseph Stalin and Dorsey as Soviet secret police chief Nikolai Yezhov being dragged into the river.
In pre-market trading, Twitter’s stocks soared roughly 28 per cent after a 13G filing indicated Elon Musk has purchased a 9.2 per cent passive investment in the social media company. According to a statement filed with the US Securities and Exchange Commission, Musk purchased approximately 73.5 million shares.