BREAKING: Elon Musk refuses to join Twitter Board of Directors, opening hostile takeover options…
APR. 11, 2022
Late last night it was announced by Twitter’s CEO that Elon Musk has decided not to join the company’s board of directors.
Here’s Parag Agrawal’s letter to his employees noting it:
Notice the last paragraph where Agrawal warns that “there will be distractions ahead” and encourages his employees to “tune out the noise”. I believe this is in reference to the fact that Musk declining Agrawal’s invitation to join the board opens everything up to a hostile takeover.
According to everything I’ve read, joining the board of directors would have limited Musk in the number of shares he could own, capping his shares at 14.9%.
But now he’s free to buy as many shares as he wants, giving him the option to pursue a hostile takeover if he wants.
In fact many are suggesting that’s why Agrawal invited Musk to join the board in the first place, to keep him from doing just that.
So I think this is great news for all of us how believe Musk should buy Twitter and change it.
But this is probably the worst possible option for employees who were already panicking about Elon Musk joining the board. I suspect the ‘ask me anything’ Twitter Town Hall with Musk isn’t going to happen now. Heh.
