Elon Musk Declines Twitter Board Seat – Wants To Buy More?
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Elon Musk turned down a board seat on Twitter according to current CEO Parag Agrawal.
Billionaire Elon Musk has decided not to join the board of one of social media’s titans, Twitter, the San Francisco-based company’s CEO, Parag Agrawal, said Sunday night.
The announcement came as a surprise after Musk, the CEO of electric car maker Tesla, said he would be joining the board following his stock purchase of about 9.2 percent of the company.
If he did join the board seat at this time he would only be able to buy 14.9% of Twitter.
By not joining he would be able to buy more.
An April 5 SEC filing from Twitter on Musk’s expected board membership said he would be limited to a 14.9 percent stake in the company, generally speaking, as long as he had a governance seat. Now that he’s walking away from the board position, he can theoretically increase his position as he wishes.
Twitter shares dropped after the announcement.
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