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Elon Musk buying a simple ownership stake in Twitter is turning into an episode of "Days of Our Lives." Now, we wake up to Twitter CEO Parag "Stefano DiMera" Agrawal announcing Musk will NOT be joining Twitter's board of directors. No, I don't think the story is going to end there.
To recap, a week ago, it was announced Musk bought close to 10% of the bird app. The next day, Agrawal announce Musk was taking a seat on the board of directors. A few days of hissy fits from Twitter employees and trolling by Musk on Twitter followed. Musk was supposed to start on the 9th (Saturday). Yesterday, this statement was released:
Musk responded with nothing but a question mark, in a tweet that has since been deleted. Here's what stands out from Parag's statement to me (emphasis mine):
"Here's what I can share about what happened." Methinks there's more to the story.
"I believe this is for the best." Ok, there is definitely more to the story
"There will be distractions ahead." That's the most interesting part of the statement. Already, the internet is talking about how this could open the door for a hostile takeover from Musk. Part of the deal announced last Monday was that Musk couldn't purchase more than 15% of the company (he currently owns just under 10%). If Musk isn't on the board, he could buy up as much as he wants. It was agreed upon when the announcement was made. Something changed over the course of four days.
It's a question of WHAT changed. It could be as simple as Musk has already grown bored and doesn't want to do this anymore. Twitter could have cried and whined to Parag. The board may have thought naming Musk to the board would let them control the billionaire but found out the hard way it was a stupid thought.
Or there was a major disagreement at the last minute (the "distraction ahead"), and Musk walked away, free to either start gobbling up more stock or do nothing but troll the company on the platform of which he owns the most shares until they find a reason to permanently suspend him. We won't know for sure until Musk tweets about it or sits down for an epic edition of the Joe Rogan Experience.
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April 11, 2022 at 07:11AM - Brodigan
Elon Musk Decides NOT to Join Twitter's Board of Directors, Opens Door for Potential Hostile Takeover
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