Some speculated about why Tesla CEO Elon Musk recently purchased an equity holding of 9.2 percent in Twitter Inc.
On the whole, the assumption was that Musk wouldn’t be purchasing almost 10% of a big global social media site simply for the sake of it.
Twitter CEO Biz Stone announced (opens in new tab) Musk’s appointment to the board of directors on April 5. Tesla’s charismatic leader, Elon Musk, was widely believed to have planned this.
That’s not the case, at least according to this information. Possibly, he has more ambitious plans.
Musk has opted not to join Twitter’s board of directors, CEO Parag Agarwal revealed today (opens in new tab).
This, in my opinion, is a good thing: CEO of Twitter
On Twitter, Parag released a message he had previously shared with his firm “However, he announced the next morning that he would no longer be joining the board, a day before his formal appointment was set to take effect (on April 9). This, in my opinion, is for the better “As a matter of fact,.
Regardless of whether or not they sit on our board, we appreciate the opinions of all of our shareholders and will continue to do so. As Elon’s largest shareholder, Twitter plans to stay receptive to his suggestions, according to CEO Biz Stone.
Further explanation of the company’s decision to include Musk on its board was provided by Parag in his blog post “We were eager to work together, but we were also aware of the dangers. As a business fiduciary, Elon is bound by law to operate in the company’s best interest as well as the interests of all of our shareholders. He was given a seat on the board.”
He went on to say that, notwithstanding the diversions that lie ahead, our overall objectives and priorities have not altered. “We are solely responsible for our own choices and actions. Let’s block out the distractions and concentrate on our job and the product we’re creating.”
It should be noted that Musk is the company’s single biggest shareholder.
Deciphering Elon Musk’s erratic behaviour
As a result, further doubts have been raised as to why Tesla CEO Elon Musk has decided not to join Twitter’s board of directors. According to popular opinion, Elon Musk may have had his goals set higher. That is to say, he may have more ambitious plans for Twitter than we now know. Like? To even own a majority ownership in a social media site is quite an accomplishment.
If a person is on the Board of Directors, he or she cannot own more than 14.9 percent of the firm. Hence, it’s possible that Musk is making a last push for victory.
The sort of guy he is is not one who is content to sit on 10% of a tremendous worldwide platform and do nothing with the rest of it. When it comes to the platform, Musk hasn’t always been kind. If Twitter conforms to the principle of free expression, then he even held a vote about it. The day following the survey, he said(opens in new tab) that Twitter’s purported inability to defend free speech “undermines democracy” since it is the “de facto public town square.” In the past, there have been attempts to create a platform similar to Twitter. However, he may have opted to make adjustments to an existing plan rather than start from scratch. Until recently, at least.
As of right now, it’s hard to tell what all the pieces of the puzzle are. But don’t be fooled: Musk is not a guy who likes to keep his movements under wraps. Hopefully, it won’t be too long before he gets his next assignment.