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Elon Musk Joining Twitter Board After Becoming Platform’s Largest Shareholder

Elon Musk Joining Twitter Board After Becoming Platform’s Largest Shareholder

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

Twitter CEO Parag Agrawal announced Elon Musk is joining the Twitter board after he bought a 9% stake in the company.

Musk owns 73.5 million shares of Twitter valued at $2.92 billion.

Agrawal added, “He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”

Musk asked on Monday if people want an edit button. Over 3 million voted, 73% of whom voted yes.

Agrawal retweeted it, saying, “The consequences of this poll will be important. Please vote carefully.”

The SEC filing states that Musk’s term expires in 2024. He “cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding” the entire time he is on the board “or 90 days after.”

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Comments

taurus the judge | April 5, 2022 at 10:53 am

The significance of his “significant improvements” will be realized by the passage of time.

    Shouldn’t the passage of time be repeated several times in a row so we get the significance?

      taurus the judge in reply to r2468. | April 5, 2022 at 11:24 am

      Time is but a fleeting moment we experience and we should remember its passing with the significance it is due based on the contribution that enriches our lives.

Love it. His first move on the Board should be calling for the firing of all censors particularly those responsible for closing the accounts of Conservative posters.

    Massinsanity in reply to Photoman42. | April 5, 2022 at 12:17 pm

    Starting with Parag Agrawal as there is no greater impediment to free speech on TWTR than him.

      Exiliado in reply to Massinsanity. | April 5, 2022 at 12:24 pm

      “Parag Agrawal”

      What a freaking Hypocrite.

        henrybowman in reply to Exiliado. | April 5, 2022 at 2:43 pm

        But so eloquent!

        “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.”

        I’ve never heard, “Please don’t hurt me, you can put down those Vise-Grips, I beg you” stated better or more convincingly.

    If you know any of the employees or censors on twitter, remind them they’re job is to keep making Elon richer.
    That should ruin their day each and every time you remind them.

His presence on the board won’t meaningfully change anything, and he accepted a limit on his holdings to make sure that is the case.

    diver64 in reply to randian. | April 6, 2022 at 4:10 am

    IDK, Mr. Malone is getting ready to take an axe to CNN. Elon may only be one voice on the board but he is the largest shareholder and if he is of a mind to do so can go after the other board members and that doofus CEO for breach because he has that much money

Russ from Winterset | April 5, 2022 at 11:32 am

Maybe I’m too cynical, but putting him on the board might be Twitter’s attempt to control his actions. As the saying goes, they would rather have him inside the tent pissing out than having him outside the tent pissing in. Giving him an investment as an insider (which, shockingly, caps his ownership stake) will undoubtedly be used to coerce him to “act in the best interest of Twitter”. Hard to be the bull in a china shop when you’re that shop’s manager.

    Looks like it buys time for other billionaire groups to buy up the stock to stop him from buying more and getting a controlling interest.

      #FJB <-- Disco Stu_ in reply to Andy. | April 6, 2022 at 7:19 am

      Or even an organized pack of 5-10 million cranky free-speech conservatives kicking in a few $-thousands each.

    You have it backwards. Musk’s net worth may be more than 200 times higher than his Twitter investment. Most of the top Twitter employees are sitting on stock shares and options that represent almost all of their net worth.

    Get used to it. Musk holds Twitter’s future in his hand. These people will be squirming until the moment they get axed and then they will cry.

Well, one good thing has already happened–some woke employee of Twitter, who sets standards and said they were just protecting people from hate speech, etc.–has already resigned–said he wouldn’t work for Elon Musk. Maybe there will be more of them so that Twitter doesn’t operate like an arm of the DNC

Like a lot of large shops it’s a business that breeds hubris, especially when self-importance takes over. The man is a bit DaVinci, not stupid or easily fooled, so no telling what he’ll do. I believe he can effect change. Next he’ll petition the Board to oust the rot-purveyors.

    Soros is smart. I have a lot of admiration for his vision in winning up the prosecutors seats to turn blue cities into shit holes. Big change for little dollars and not much effort. Though completely 110% evil, Soros is smart. Satan has scored a lot of points with Soros in the rink.

    I have hope that Musk is the man to counter that. Not going to faun over him, but lately there’s been a lot to like.

      txvet2 in reply to Andy. | April 5, 2022 at 2:38 pm

      “” Not going to faun over him””

      Afraid to stick your hoof in it?

        henrybowman in reply to txvet2. | April 5, 2022 at 2:44 pm

        He just forgot the /s. It was satyr.

          are you implying Soros is not smart?

          He represents some of the worst that can happen when a serious person’s moral compass is completely broken. The other end of the spectrum is AOC, whose key accomplishment is being the #1 fundraiser for Republican squishies running for re-election after also accomplishing nothing.

“Liberals Outraged To Learn 10% Of Twitter Now Owned By African-American”
https://babylonbee.com/news/liberals-outraged-to-learn-10-of-twitter-now-owned-by-african-american

Twitter Programming Director Xerxie Vamoosixx, (xe/xir): “Tweets I don’t agree with make me feel unsafe which means they’re literally violence and I’m gonna burn down this building,” xe said.

Assuming MAGA Republicans, not McConnell Republicans, win in a rout in November, I would think that a lot of the Twitter management about to be handed pink slips are already thinking about being subpoenaed by Congress next year.

I have never been on Twitter so I don’t know what the buzz is today about Musk’s takeover. I’ll bet there is a chill in the air among the wokesters who will be called to testify. I’ll also bet that this is sending a chill among the other “creepy line” companies.

healthguyfsu | April 5, 2022 at 12:29 pm

I don’t expect him to do much on the board. What do you think his bigger priority is…board meetings at Tesla and SpaceX or board meetings at Twitter?

Let it trend for all Twitter employees who are about to engage in one of the biggest hissy fits in Internet history: You work for Elon Musk now.

    healthguyfsu in reply to JohnC. | April 5, 2022 at 12:43 pm

    Yes, libbies, please resign in protest ASAP!

    JohnC in reply to JohnC. | April 5, 2022 at 12:48 pm

    Seth Dillon (@SethDillon) · Twitter:

    Musk reached out to us before he polled his followers about Twitter’s commitment to free speech. He wanted to confirm that we had, in fact, been suspended. He even mused on that call that he might need to buy Twitter. Now he is the largest shareholder and has a seat on the board.

    ———-

    As of right now this was posted 4 hours ago.

    The pole Musk put out on his Twitter channel was: Do you want an edit button?

      henrybowman in reply to JohnC. | April 5, 2022 at 4:13 pm

      Don’t know if you’re confused… he put out two polls. The first, a couple weeks ago, asked if Twitter violated the principles of free speech… before he bought into it. It went 70% yes. The poll he put out just recently was about the edit button and was partly tongue-in-cheek (the two choices were YSE and ON.)

      kyrrat in reply to JohnC. | April 5, 2022 at 4:47 pm

      No, that’s the 2nd poll. The one ‘after’ he bought shares. The first poll they are referencing is this. It was tweeted on March 22nd. He tweeted, “Free speech is essential to a functioning democracy.”

      Musk then asked, “Do you believe Twitter rigorously adheres to this principle?”

pablo panadero | April 5, 2022 at 2:07 pm

I expect that as a board member, he should have access to any and all communications, including all those communications around the decision to ban Trump. If they try to prevent him from seeing those communications, he should have a pretty simply decided case. I expect all of this to be released in a few short weeks.

henrybowman | April 5, 2022 at 3:12 pm

Who here besides me thinks it’s absolutely no coincidence at all that this news breaks within two days of Musk’s mensch move:

Former Twitter CEO Jack Dorsey Says He is “Partially to Blame” for the Destruction of Internet Today and Regrets It.

Somebody sees an audit of all his receipts looming on the horizon.

Dorsey doesn’t get to “regret and apologize” for weaponizing political speech without doing something concrete in the way of restitution for it… anymore than the Nixon-era co-conspirators got out of prison early because they all magically “found Jesus.”

Don’t tell anybody, but I think Musk is going to bail out and sell all of his shares. Twitter will drop like a rock.

    kyrrat in reply to Peabody. | April 5, 2022 at 4:49 pm

    Wouldn’t put it past him. He’s not a man whose ‘next steps’ are easily anticipated. The ‘weird and chaotic personality’ thing that he uses to throw people off (heck, he may really be like that, again, who knows) keeps others off discerning his ‘game plan.’

    Gosport in reply to Peabody. | April 5, 2022 at 7:03 pm

    Rinse and repeat until it is no more.

    Then move to facebook.

Mr. Musk does not play to lose. Ever.