A surprising announcement from Twitter CEO Parag Agrawal may soon rekindle the interests of those hoping for a major shakeup at the social media giant as late Sunday it was reported that billionaire entrepreneur Elon Musk “has decided not to join” the board.
After acquiring a 9.2 percent stake in the company, the process had begun for the company’s largest shareholder to accept a seat on the board of directors. Publicly, Twitter boasted their excitement about the new arrangement.
However, behind the scenes, work was being done to limit Musk’s reach. It was reported that the terms of joining the board included an investment cap barring the billionaire from owning more than 14.9 percent of company stock. Many believe that handicap is the reason behind the decision Agrawal posted Sunday.
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
“Team, Elon Musk has decided not to join our board. Here’s what I can share about what happened,” Agrawal wrote. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks,” like limits to his investment opportunities.
Citing the best interests of the company, Agrawal went on, “We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board.”
“I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input,” he concluded.
Speculation swirled that the numerous proposals that Musk had openly discussed like turning Twitter’s San Francisco headquarters into a homeless shelter and creating an “edit” feature on the platform were already causing derision. The biggest concern seemed to come from employees at the company who were worried about Musk’s push for free speech and an end to censorship.
Maybe he finally learned the difference between the 1st Ammendment and Terms of Service?
— Hi! It’s Mike C (Again, again) (@TheUnrealMikeC) April 11, 2022
Though no statements have been released by Musk pertaining to the matter yet, a since-deleted tweet was offered by the investor with a smiling emoji that had a hand over its mouth. The Daily Mail reported it to indicate “an expression of rapture, a smirk, a shy smile, or indicating happiness.”
Elon joining Twitter's board was contingent on him agreeing not to buy more than 15% of Twitter. Now he's not joining the board. So does that mean he can he buy as much of Twitter's outstanding stock as he wants?
— Peter Sterne (@petersterne) April 11, 2022
The increased share price on Musk’s 9.2 percent holdings gave an earnings value of around $1 billion. While the anticipation is he backed out of a board seat to be able to invest further into the social media company, the market reaction to the news may indicate the next steps he will take.
In answer to New York Focus Managing Editor Peter Sterne’s query, Musk should be able to purchase “as much of Twitter’s outstanding stock as he wants,” and driving the value up with big moves may have been his objective all along. As for the long run, many predict he may be heading toward a hostile takeover.
He may do a hostile takeover now.
His prior agreement limited him to 14.9 percent ownership
— Zackery Parker🦄 (@mistman78) April 11, 2022
doesnt this just put him in the clear to fully take us over
— elon musk is a racist demagogue with a god complex (@linguangst) April 11, 2022
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Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn't researching current events and their impacts, you'll find him spending time with friends and family or working on his next novel.
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23 thoughts on “Elon Musk declines invite to join Twitter board; get the popcorn, Twitter memo kicks off fun!”
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To the moon, Twitter! Regards, Elon
This could be really fun. I have to admit I’m getting a smidge of optimism.
Musk doesn’t have to own 50%+ to take over the twits, he just needs the proxy of enough share holders to gain majority. Hear that Twit stock holders. Contact Musk and give him your proxy.
I hope Elon buys Twitter OUTRIGHT and firesEVERYBODY!!!
Can everyone at Twitter say the words hostile takeover???
It’s only hostile to Liberals who hate free speech.
It appears twitter played this man as a fool by figuring they could restrict him from buying more stock and take position as a board member where he would have a vote but would be voted against at every turn. I like the way it appears he is thinking, don’t become a board member and continue to buy there stock and eventually you will own the company and have the ability to restructure it to where it works under the US laws and Constitution. My advice to the current employees at twitter is you may want to start floating your resume now. As for Parag Agrawal I hope you have bought your mansion in India and make plans to return there.
BPR, just wanted to let you know your site with this new format is really a pain in the azz as I got to go to the full screen of Tommy’s Garage 5 times while trying to type this comment. Please you can do better.
Semper Fi 1969-1989
We can reply now! I concur with this posting.
Next Twitter action is obvious – Cancel Musk’s twitter account.
“The biggest concern seemed to come from employees at the company who were worried about Musk’s push for free speech and an end to censorship.”
In your life did any of you EVER think you’d see this written by a U.S.-based media outlet?
F*** Twitter and every azzhole who works there.
I don’t have a Twitter or Facebook acct. Left them on Jan 6th 2021 just a few hours before they kicked Trump off Facebook. Haven’t missed it at all. This is the closest to social networking for me.
EXACTLY what I was thinking when I read that.
Hey, all you stupid phucks who work at Twitter: your days of flipping the bird to free speech are numbered. Start looking, azzholes, but don’t be surprised when most companies won’t even give you an interview. Lol!
F’ing c***s!
I hope Elon Musk DOES take over Twitter.
God, I hope he does. Fingers crossed. Right now, Disney seems to be calling the cards and that’s their excuse for banning people from talking about Disney grooming kids, their advertisers. I would have not joined the board too if they capped the amount of shares and insisted they probe all his orafices before formally accepting him.
WHY is this Commie Immigrant the head the CEO of Twitter in the first place? ANYBODY who doesn’t believe in and uphold the Constitution should have his/her Citizenship recinded and get DEPORTED back to the Sh!thole country they came from !!
I hope Musk does a hostile take over of the company
HAHAHAHAHAHA!!!! linguangst’s tweet just shows how paranoid the Twitter twits are about someone else telling THEM what they can and can not do or say…..gee, Twitter no longer has the “freedom” to do whatever THEY want…….
I think Elon has something up his sleeve and he is letting the suspense build up before he makes a move….keeping everyone at Twitter on high alert
Twitter’s DNA is the Democrat Party’s DNA. Its censorship is a tool that it uses to promote its DNA…and the Democrat Party’s. Changing that would be more than a monumental task.
Musk believes in the first amendment other arrogant immigrants on the Twitter board don’t. Those very rich vile oligarchs are the ones who have destroyed countries. I hope Mr Musk will protect our country and others.
I see some employees making derogatory comments. Careful Careful you can be fired and destroyed by pissing off someone at that level.
Elon must have something up his sleeve. The drama is building on Twitter! Drum roll please 🥁🥁🥁🥁🥁🥁🥁🥁! I got kicked off but could never get an answer of why. One morning I woke up and my account was banned, and that was on Jan 6, 2021! Twitter is a horrible platform and I don’t know that it ever will change. The person that runs it is a very bad person all around.