Elon Musk is no longer joining Twitter’s Board in surprise decision
Another day, another Elon Musk story.
It’s been a wild ride with Twitter news lately, and the end is nowhere in sight. Elon Musk has “decided” not to join the company’s board, on the morning that he was going to be appointed.
The first anyone heard of this was, unsurprisingly, on Twitter. Not by his own personal account though, as that spent the weekend deleting shitposts about Twitter.
Twitter’s CEO, Parag Agrawal dropped the news late Sunday evening.
Now, we can’t be sure that Elon Musk not joining Twitter’s board has anything to do with the SEC.
We also can’t say for sure if Musk failed a background check, which was a requirement for Twitter.
READ MORE: Is Twitter better off private? Corporate scholars would disagree
The only thing we can say for sure at this time is that Twitter’s board will not feature Musk.
Parag “believe[s] this is for the best,” while saying that the company always values input from its shareholders.
Is this the end of the story for Musk and Twitter? Musk owns 9.1-percent of Twitter’s common stock right now. A board position would have limited him to 14.9-percent and prevented any risk of a takeover bid.
The SEC might still come for Elon Musk in the days ahead. He was late filing the required paperwork, and even then he filed the incorrect form.
With the news about a possible board seat, he should have filed “13D” which is for activist investors, offices, and directors. He amended his filing last Tuesday, but it might not be enough to save him from a civil penalty from the SEC.
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