Elon Musk has become the biggest shareholder in Twitter.
And he made it clear that he’s planning major changes.
Elon Musk has an idea for Twitter that made Democrats shudder in terror.
Entrepreneur Elon Musk has purchased a 9.2% stake in Twitter making him the largest shareholder in the social media platform.
He’s now seriously considering turning Twitter’s headquarters into a homeless shelter.
Musk tweeted a poll to his tens of millions of Twitter followers that read: “Convert Twitter SF HQ to homeless shelter since no one show up anyway[?]” Over 1.5 million people responded to the poll, with 91% casting a “yes” vote. The poll was later deleted.
He insisted that this idea wasn’t a joke. “I’m serious about this one btw,” Musk added later.
Over the weekend Musk made several tweets about the company.
“Is Twitter dying?” he asked.
Musk also contemplated the idea that the company change its name by removing the “w” from “Twitter.”
These tweets come as Musk declined their offer to join the company’s board.
“Elon Musk has decided not to join our board,” Twitter CEO Parag Agrawal said in a statement. “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.”
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal later added. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
Musk’s decision to not join Twitter’s board reportedly means he is no longer restricted in how much of the company that he can buy.
After becoming their top shareholder with control of more than 9% of the company, Musk signed an agreement with Twitter for the following terms as long as he served on their board: “Mr. Musk agrees 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 Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps or hedging transactions.”
Some experts have theorized that Musk is planning a hostile takeover of the company.
“Hostile takeover inbound,” Austen Allred, CEO at Bloom Institute of Technology, tweeted. “My read of this: (I’m guessing). 1. Twitter board wakes up to realize Elon owns 9% of the company. There’s a path to him taking over. 2. Offers a board seat contingent upon him not buying too many shares. Try to contain. 3. Negotiations break down on term details. 4. ???”
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