Elon Musk’s arrival on Twitter’s board has sparked each hopes and fears concerning the platform’s future, however his appointment has constrained his energy — for now.
Musk has agreed to cap his Twitter stake at 14.9% throughout his stint on the board and for 90 days thereafter. His time period is about to finish in 2024.
The Tesla tycoon’s current 9.2% stake makes him the platform’s largest shareholder. If he needs to push it over 14.9%, he should relinquish his seat.
The restriction applies to Musk as both the only real proprietor or as a member of a bunch — which ought to stop his billionaire buddies from shopping for one other portion.
Whereas the mogul will wield huge affect over the corporate, the settlement reduces the dangers of a hostile takeover or board shakeup.
Wanting ahead to working with Parag & Twitter board to make vital enhancements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
Musk’s appointment was revealed days after he questioned Twitter’s safety of free speech. But his supporters shouldn’t be too disenchanted if his ambitions are checked.
The entrepreneur has a history of silencing critics with authorized threats, firing workers who disagree with him, and requiring prospects to signal non-disclosure agreements in change for service.
Musk’s new function at Twitter could safeguard his personal speech, however don’t anticipate Space Karen to share his privileges with the proles — even when he features full management of the platform.
