Given that the man has a hard time with the meaning of words, perhaps we shouldn’t have taken statements like, “looking forward to working with Parag & Twitter board,” at face value. Perhaps he didn’t completely understand when Parag Agrawal called to invite him to become a member of said board, nor bothered to look at the agreement he signed with Twitter putting him there. (It arguably wouldn’t be the first time). Perhaps Musk, who in addition to Tesla’s board also serves as chairman of the SpaceX and sits on that of Endeavor Group Holdings, doesn’t know what a board of directors is. Either way, there’ll be no need for that town hall with Twitter employees this week.
Elon Musk confirmed he wouldn’t be joining Twitter Inc.’s board of directors but said he might engage with the social-media company on a range of issues “without limitation.”
Ah, yes, “without limitation,” such as, perhaps, limitations on tweeting indiscriminately about company matters imposed by said company and the SEC, of which Elon is no fan and which he demonstrated this weekend that he had no plans of abiding by anyway.
On Saturday, he asked his roughly 81 million Twitter followers to vote on whether the company should turn its San Francisco headquarters into a homeless shelter…. Musk posted a separate poll, which has since been deleted, asking people to vote on whether Twitter should drop the “w” from its name….
On Monday, he also liked a tweet that said, “Let me break this down for you: Elon became largest shareholder for Free Speech. Elon was told to play nice and not speak freely.”
Mr. Musk originally disclosed his stake in the company through a Schedule 13G filing, which suggested it was a passive stake and that he didn’t intend to influence the operations of the business. The filing has since been amended to a Schedule 13D, which is often used by activist investors whose plans include pushing for a merger or otherwise seeking to control a company…. His board term was originally set for two years, and as long as he remained a director, he couldn’t own more than 14.9% of the company’s stock, according to a securities filing. Without a board seat, he could potentially build an even bigger stake if he wanted to do so.
Elon Musk Says He Remains Engaged in Twitter Strategy ‘Without Limitation’ After Refusing Board Seat [WSJ]
Elon Musk deletes tweets critical of Twitter after weekend barrage [CNBC]
That Twitter Town Hall with Elon Musk? It’s Off. [Barron’s]
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.