The Tesla and SpaceX mogul will not join Twitter’s board, CEO Parag Agrawal said Sunday. But Elon Musk said he remains engaged with the company on key parts of its strategy. (The Logic, The Wall Street Journal)
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The Tesla and SpaceX mogul will not join Twitter’s board, CEO Parag Agrawal said Sunday. But Elon Musk said he remains engaged with the company on key parts of its strategy. (The Logic, The Wall Street Journal)
Talking point: The about-face comes just one week after Musk disclosed a 9.2 per cent stake in Twitter and agreed to join its board, provided he did not purchase more than 14.9 per cent of the company. Although Musk ended up refusing the appointment after posting tweets criticizing Twitter over the weekend, he can still engage with the company’s board or executives on issues such as products and services, potential mergers and governance questions, according to The Wall Street Journal. The filing also states that Musk reserves the right to increase his stake in the company as he sees fit. Analysts said the reversal leaves Twitter open to a hostile takeover by Musk, and could prompt volatility for the stock.
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