Twitter was aiming to keep Musk off the board of directors by preventing him from purchasing even more of the company. But it would seem that is no longer an option as Twitter is appointing Elon Musk to the board of directors.
Musk responded quickly, in a tweet – what else – moments after the Twitter 8K, and just after Twitter’s (soon to be departing) CEO, Parag Agrawal, tweeted that “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board” adding that Musk is an “intense critic of this service.”
“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” Musk replied, possibly in the most courteous pink slip in recent memory, according to The New York Times.
Just sit back and watch for the onslaught of resignations from Twitter’s woke snowflakes who can not comprehend life in the real world wherein – horror – free expression is tolerated.
Meanwhile, Jack Dorsey, Twitter’s creator and former CEO, recently bemoaned that the platform has devolved into a quagmire of woke censorship.
After the revelation that Elon Musk had amassed a 9.9% “passive” interest in the shares, there was unusual radio silence from Twitter the whole day Monday, with the obvious purpose of implementing meaningful content adjustments in what has become a platform ruled by snowflakes for snowflakes. Well, that silence was broken only seconds ago when TWTR released an 8K announcing Musk’s appointment to the company’s board of directors.
The 8K also revealed that key provision that “for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.”
In other words, Twitter is aiming to keep Musk off the board of directors by preventing him from purchasing even more of the company, or the entire company. To be fair, Musk might not really want to acquire the whole company: as BofA pointed out in its reaction to the Musk-TWTR news, all the billionaire might want to know is how TWTR works:
Stake opens up new possibilities
Based on early investor feedback, we think Street doesn’t expect an outright acquisition, but does see an increased potential for positive change at Twitter. The type of form used (13G) often indicates the investor isn’t seeking to acquire control, or to influence who controls it. Twitter is more vulnerable than some of its Internet peers to outside pressure because its founders don’t have special voting control. We see the news as positive for the stock as it opens up potential for Mr. Musk taking up a board seat and influencing vision and execution. We are also hearing feedback that stock is of greater risk to short sellers due to potentially higher retail interest/activity.
Musk could want changes to Twitter content policies
In January, Mr. Musk criticized Twitter’s feature of profile pictures linked to non-fungible tokens, saying that Twitter has the wrong priorities. Posting a screenshot of Twitter’s new feature, Musk said “this is annoying” and followed up with criticism of crypto-related spam. On March 25, Mr. Musk conducted a Twitter poll asking his followers whether Twitter adheres to the principles of free speech. After more than 70% of the poll takers said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own. We think Mr. Musk likely has some agenda for change at Twitter, which is both an opportunity, but also a risk as material changes (such as fewer restrictions on content) could drive more regulatory scrutiny and drive advertisers away. Other risk is that Mr. Musk is in a learning period, and could build competitive platform if Twitter does not agree to modify its content policies.
As we wait for Musk’s reaction to Twitter, one thing is certain: Twitter’s present management team, led by woke CEO Parag Agrawal, is on the verge of being fired.
The simple prospect that Twitter will yet again get to be a free speech platform rather than an echo chamber for vehemently self-fellating liberal “get woke, go broke” has pressed TWTR stock higher by another 5% after yesterday’s record post-IPO spike, whereas a glance at the shares demonstrates what occurs when “bluechecks” flips into reverse.
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Musk just chopped off medusa’s head and the snakes are going to eat it’s rancid contents.
I doubt that Twitter can ever become a free speech platform.
https://en.dharmapedia.net/wiki/Anti-Hindu_bias_and_Twitter
Meanwhile, serious countries like China and Russia have blocked Twitter.
@jack is delusional if he thinks twitter has a place in the future. If someone threw the switch on twitter in the morning by this time next week it would have been forgotten about and the world would be a better place for it.