As it was, it was over before it even started.
Elon Musk, the world’s richest man and an avid poster for Twitter memes Turned down an offer Join the social networking group. The announcement by Twitter CEO Barack Agarwal abruptly put an end to any hope the world would see one of the site’s biggest provocateurs becoming part of its administration – but it also raised the possibility of a full-fledged Kasturi acquisition.
“We announced on Tuesday that Elon will be appointed to the panel on the basis of background verification and formal acceptance,” Agarwal said. Said He shared in a company description. “Elon’s appointment to the board was officially 4/9, but that same morning Elon shared that he would no longer be joining the board.”
“Elon is our biggest partner and we will be open to his entry,” Agarwal added. A Twitter spokesman declined to comment further on the situation. Kasturi has no media representative.
It was only after him that the agreement was reached to add Kasturi to the board Bought 9% stake Become its largest personal partner in the company. Filing with the U.S. Stock Exchange and the Securities and Exchange Commission indicated that Musk had come to terms with an agreement to hold its shares below 15%.
It is unknown at this time what he will do after leaving the post. Domestically, there may be staff Thorny In the appointment of a business tycoon, he used his site before Invite people Pedophiles, Pump Margin cryptocurrency schemes, Get in trouble With the SEC, raise doubts about the Govt-19 vaccine and mock social justice practices. The latest series of tweets criticizing the company may also have called into question how willing Musk was to subdue his own impulses and grievances to the interests of the company and its shareholders.
The path forward is not clear. Musk still seems to have a substantial stake in the company, yet not performing well Past announcements In launching his own, competitive social network. Here are the views that can emerge from here:
Musk makes money
Although there is little hint that he plans to do so, Musk’s option is to sell his entire stake in Twitter and return to his old relationship with the company: without being a co – owner, but as one of its biggest, loudest users.
Involvement in the first place may have exacerbated his long-standing conflict with the SEC. Leaving now will save him more headaches, while giving him more time to focus on his own companies, including Tesla and SpaceX.
He will also become profitable if he can make money quickly. Although the news that he did not join the group was one reason Brief fall In terms of the value of Twitter shares, they are still there Well above His investment is their price before going public.
A Updated SEC Form Musk, who filed on Monday, after rejecting Twitter’s offer to join the group, reaffirmed that he could “from time to time acquire additional shares of the common stock” in the company, and he opened the door to a 15% ownership violation. Will be facing as a board member.
If he goes far enough in that direction, or is allied with other activist partners, Musk can direct his choice directly on Twitter, forcing changes in leadership or policy to align the platform with his vision. Independent speech zone.
Financial analyst Dan Eves says it could happen. “It could turn out to be a ‘Game of Thrones’ war in the coming months as Musk now joins the Twitter team from a Cinderella story and holds its stake below 14.9%,” said Yves, managing director of stock research at Wetbush Securities. Has tweeted that.
Kasturi hangs around and plays catfly
Despite not having a board seat and no change in his stake in the company, Musk certainly has many, many opinions about what Twitter is and what it should be. Using considerable power, he was not only a major partner, but also one of the site’s most popular users – he has more than 81 million followers, and he continues to garner feedback through in-app polls – making him a powerful partner in the Musk company.
In fact, Musk’s new SEC filing “outlines his freedom to engage in board and / or debate. [Twitter’s] The Board of Directors “and” Disclosure of your views to the public through social media or other channels. “
Some of the changes he can emphasize are ideological. In particular, Musk has signaled frustration with the way the company handles free speech through its content restrictive policies. “Twitter acts as a real public city square, and its failure to adhere to the principles of freedom of speech undermines democracy,” he said. Has tweeted that Last month. “What to do?”
Other Ideas Any super-user is more likely to make the emotional investment they feel in the product they are crazy about. For example, Musk called cryptocurrency spamboots Twitter’s “single annoying problem” and rekindled a long-running debate over whether to allow the app to edit users’ tweets after posting (the company said. I work on such a featureAlthough made independently from musk).
He said the company should allow users to verify its premium “Twitter Blue” subscription – as a legal identification, associated with the blue check mark, which is currently reserved for politicians, journalists and other members of the public.
Musk bets that these kinds of changes can be made better from the outside than from the inside of the board.
“In this situation he will be as influential as a director as well as a partner, due to his significant public presence,” said Charles Elson, founding director of the Weinberg Center for Corporate Governance. “At this point, it doesn’t matter if he’s under the tent or out of the tent as a director.
Last week, a Twitter spokesman told The Times that although the team “plays an important role in consulting and commenting … day-to-day operations and decisions are made by Twitter management and staff.”
Bloomberg’s Matt Levine, a longtime historian of Musk’s maneuvers, noted that if Musk had joined the group, he would have been forced to act in the interests of his shareholders, without pursuing his own interests.
Now, Levine Wrote On Monday, he said, “If Musk wants to change the way Twitter works, he can meet Agarwal anytime and ask him anything. If Agarwal says no, he may buy more shares and threaten to take over the company. ”