Billionaire Elon Musk made headlines for buying 9.2 percent of Twitter, but now some say he could be on the verge of a hostile takeover.
While the claims are speculation, they grew after news broke that Musk would not be on Twitter’s board after all, despite many expecting he would join.
Smart move by @elonmusk. Directors have confidential info that restricts trading plus you are a fiduciary making your actions subject to shareholder lawsuits. I was surprised he wanted to be a director in the first place. Large Shareholders have real power – just ask Larry Fink. https://t.co/uQTHEpzJSF
— Andy Puzder (@AndyPuzder) April 11, 2022
Elon Musk not taking a board seat is bullish for free speech coming back to Twitter.
The board seat was a proposed tactic by Twitter’s current execs & board to curb his influence (limiting his maximum shares to 14.9%).
Musk can now pursue a hostile takeover if he so chooses.
— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) April 11, 2022
Elon Musk passed on the restrictive Board of Directors seat at Twitter. So, it appears now that Elon could be involved in a hostile takeover of Twitter soon. This is getting good!👊
— Samantha 🇺🇸 (@Geller19M) April 11, 2022
Twitter wanted to cap Elon Musk’s ownership at just below 15% & had made that a condition for him to join the board.
Musk rejected that by not joining board.
Musk is free to launch a hostile takeover!
— Nayantara Rai (@NayantaraRai) April 11, 2022
Meanwhile, Twitter employees are beginning to mutiny out of fear of Musk’s influence…check it out: