Elon Musk Joining Twitter Board in Bid to Block a Takeover

WebProNews
Elon Musk Joining Twitter Board in Bid to Block a Takeover

Elon Musk’s Twitter saga continues unabated, with the tech mogul joining the board in a bid to prevent a takeover of the company.

Musk is an avid Twitter user, but that hasn’t stopped him from being critical of the company and advocating for change. He recently posted a poll asking if Twitter should be replaced, saying “the consequences of this poll will be important.”

Musk followed up by purchasing nearly 10% of the company’s stock, making him the largest single shareholder. Twitter wants to make sure its largest shareholder doesn’t become the majority shareholder, striking a deal to make Musk a board member, according to an SEC filing:

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.

Twitter CEO Parag Agrawal welcomed Musk in a tweet of his own:

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.

— Parag Agrawal (@paraga), April 5, 2022

Musk responded with promises of change:

Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!

Elon Musk (@elonmusk), April 5, 2022

Only time will tell if Musk will be successful in changing how Twitter does things, but our money is on this saga being far from over.

Elon Musk Joining Twitter Board in Bid to Block a Takeover
Staff

from WebProNews https://ift.tt/Ja12hEX