During the collaboration, Mr. Agrawal expressed his excitement and the clear understanding of risks involved. Furthermore, he stated that having Elon Musk as a fiduciary of the company, who is obligated to act in the best interests of the company and all shareholders, was deemed the optimal way forward. The board extended an invitation for Elon to join them.
However, it was announced on Tuesday that Elon’s appointment to the board was contingent upon a background check and formal acceptance. That same morning, Elon shared that he would no longer be joining the board. Mr. Agrawal believes this decision is for the best.
On Monday, Elon Musk “liked” a Twitter comment suggesting his investment in the platform was for the promotion of free speech, but that he was advised to restrain his expression.
Daniel Ives, an analyst at Wedbush Securities, predicts a shift from a positive narrative of Musk joining the Twitter Board to a potential contentious battle resembling “Game of Thrones”. Elon may adopt a more hostile stance towards Twitter and potentially increase his stake in the company, possibly with the support of a private equity partner.
It is worth noting that Twitter has various defenses against a hostile takeover within its bylaws. These include the issuance of new stock with special voting privileges and limitations on shareholders bringing new business at special meetings.
On Monday, Musk deleted a series of tweets in which he called for change at Twitter. These suggestions included price cuts for its subscription service and conversion of their San Francisco headquarters into a homeless shelter.
Currently, Twitter holds a market value of $37 billion (£28 billion), significantly lower than Elon Musk’s net worth of $260 billion.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
