Shares in Twitter Inc. fell after ElonMusk decided not to join the board, after speculation the world’s richest person could mount a takeover of the social media platform. Moneyweb BusinessNews
Shares in Twitter Inc. fell after Elon Musk decided not to join the board, after speculation the world’s richest person could mount a takeover of the social media platform. After discussions with management, Musk decided against joining Twitter’s board over the weekend, a dramatic reversal that also ends a previous agreement to keep his stake at no more than 14.9%. The drop erases part of a week of gains after Musk revealed he had taken a stake, with investors seeming to welcome his investment.
By staying off the board, Musk avoids the potential conflict of interest that arises when a board member has a number of financial interests that may influence how they vote. Musk, who currently owns just over 9%, is Twitter’s largest individual shareholder. The billionaire behind Tesla Inc.
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