Shares fall as analysts consider whether he’ll take a larger position or all-out bid
Tesla CEO Elon Musk has rejected Twitter’s offer to join its board, a dramatic turn in a week when the billionaire became its biggest shareholder, with the social media company warning of “distractions ahead”.
The planned appointment was due to become effective on Saturday, Agrawal said, virtually preventing the world’s wealthiest person from becoming a beneficial owner of more than 14.9% of Twitter’s common stock. Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% stake on April 4 and said he planned to bring about significant improvements at the social media platform.
“We had thought the equity cap and board seat was originally intended to handcuff Musk in many respects and think he is unlikely the type of individual who will now just sell his stake and walk away,” Zino said. The Tesla boss also asked users in a poll if Twitter’s headquarters should be converted into a homeless shelter, a plan backed by Amazon.com’s founder Jeff Bezos.
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