ELON MUSK WONT JOIN TWITTERS BOARD
Written by Peter Boykin on April 12, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
…that’s good news
Conservatives were initially disappointed to hear that billionaire free-speech proponent Elon Musk would not be taking a board seat on Twitter. But give me 2 minutes of your time and you’ll be relieved he didn’t.
Refresher: After suggesting Twitter needed fundamental changes to prevent it from restricting free speech, Musk bought 9.2% of the company (worth $2.9 billion). In response, Twitter offered him a seat on their board.
On Sunday: Twitter’s CEO Parag Agrawal announced: “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared the same morning that he will no longer be joining”
Turning down the board seat is a smart move. The New York Times reported a few of the drawbacks, had Musk taken the board seat:
He would have been restricted from owning more than 14.9% of Twitter’s stock.
“Under corporate governance principles, board members are required to act in the best fiduciary interest of a company and its shareholders”
He would have had just 1 out of 12 votes at board meetings
Musk hasn’t given an official statement on his decision to decline the seat, but he ‘liked’ a tweet that said:
“Let me break this down for you: Elon became [the] largest shareholder for Free Speech[.] Elon was told to play nice and not speak freely”
So it’s conceivable that Musk has bigger plans for his activist stake in Twitter and realized that being a board member would have kneecapped his ability to make changes.
[Source: Post Millennial, The Blaze, Waking Up Right]
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