Hostile Takeover on the Table? Elon Musk Opts Out of Twitter Board Seat

Tesla CEO Elon Musk declined a seat on Twitter’s board of directors after becoming the platform’s largest shareholder with a massive 9.2 percent stake. CNBC reports that this could be a sign of Musk’s attempt to take control.

Chief Executive Officer of Leftist Twitter Parag AgrawalTweeted late April 10, that the world’s richest man “decided not to join our board.” Agrawal seemed to admit the quiet part out loud when he said that having Musk “as a fiduciary of the company where he, like all board members, had to be in the best interest of our company and all shareholders. This was the only way forward.”  Musk’s appointment was supposed to take effect April 9, “but Elon shared that same morning that he will no longer be joining the [B]oard.This is my belief.,” Agrawal claimed.

Musk may have had another motive for making a change. It is possible that he could make a hostile acquisition of the company. According to CNBC, “If Musk had joined the board, he would not be able to acquire more than 14.9% of the company’s shares. Now that he’s no longer joining the board, he can theoretically increase his stake, should he wish to.” In addition, CNBC said “Some industry experts speculated on Twitter that He might now attempt to take the company over and rebuild it the way he likes..” [Emphasis added.]

Elon did not agree to be a member of our board. I wrote a short note to Elon, and shared it with you. pic.twitter.com/lfrXACavvk

— Parag Agrawal (@paraga) April 11, 2022

Agrawal stated previously that the platform’s role was “not to be bound by the First Amendment,” but to decide “who can be heard.” In his latest update about Musk, Agrawal said the billionaire’s appointment to the Board was “Constrained by a background check, formal acceptance.” But it sounds like Musk could be playing four dimensional chess against the leftist activists fighting to keep the platform’s obsessive censorship in place.

Musk slammed the platform on March 26 for its censorship-heavy environment: “Twitter is the most popular social media platform, so it makes sense that Twitter should be respected.” Perhaps Musk is not satisfied with informing Twitter’s decision making, but instead could end up seeking control of the whole platform.

Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.

How can we help? https://t.co/aPS9ycji37

— Elon Musk (@elonmusk) March 26, 2022

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