Fans Speculate That Elon Musk Will Completely Takeover Twitter Following His U-Turn on Joining the Board
After purchasing a 9.2% stake of popular social media platform Twitter, it seemed inevitable for billionaire Elon Musk to join the company’s board of directors.
However, in a sudden turn of events, the Tesla CEO has decided to stay away from it, and according to Twitter CEO Parag Agrawal, Musk won’t be part of the company’s board.
It’s unclear what caused Musk to forego his seat at Twitter’s board of directors. In Agrawal’s tweet about the company’s largest shareholder, it was mentioned that Elon Musk refused to undergo background checks that are required before joining the board.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
However, Musk’s biggest fans believe that the SpaceX founder has other intentions, which could include buying out more shares of Twitter.
Elon Musk is going to completely takeover, dismantle and rebuild Twitter.
He is now NOT joining Twitter’s board of directors. Why?If he does, he can never own more than 15% of the company.
— JD Sharp (@imjdsharp) April 11, 2022
Among potential reasons:
1) Musk’s apparent securities fraud (i.e., failure to timely file a 13D statement, and his misleading and late 13G statement) made this untenable.
2) Musk realized Twitter offered him the seat to thwart a hostile takeover, and now he wants to do that. https://t.co/Vnu5gNITHy
— Max Kennerly (@MaxKennerly) April 11, 2022
If Musk joined the board of directors at Twitter, then he would be limited to owning less than 15% shares of the company. The billionaire already has 9.2%, which makes him the company’s largest shareholder.
Elon Musk declines to take seat on Twitter BOD, which would have restricted his ability to purchase more than 14.5% of Twitter stock. Now there is nothing restricting him from doing a hostile takeover & becoming majority owner. He didn’t buy the original 9.2% just for fun.
— USCPatriot67 (@thusc23) April 11, 2022
Elon Musk has turned down a seat on Twitter’s Board of Directors, which could be an indication he intends to go for a buyout of the company. https://t.co/szJUaSaRKK
— Zeitgeist Global (@ZeitgeistGB) April 11, 2022
However, he might be looking to increase his stake in the company, which could further help him in taking over the platform completely, and it will be interesting to see what Musk has planned for the future of Twitter.
