The sage between Elon Musk and Twitter gets more and more interesting with each day. The innovator has been publicly critic of the social network, largely due to its apparent crackdown on free speech. He shocked the world by buying 9% of the company. Quickly, the board offered Musk to join, as an apparent attempt to control the situation.
Woke Twitter employees feared what Musk might do to the company’s “culture.” A culture that silences people because of their beliefs is not great. The company should stand to gain from Musk. But, surprising people once more, Musk refused to join the board. Now, it is coming to light what really happened. And it could mean radical changes to the company.
“Elon Musk has decided not to join our board,” Twitter CEO Parag Agrawal said in a statement…
“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal later added. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.” [Daily Wire]
Odd, right? Why could Twitter’s CEO, who once celebrating the silencing of conservatives, talk as if major changes were going to happen? Musk recently said that we should expect major changes in the coming months, as they announced he was invited to join the board. Perhaps Agrawal and the other woke board members refused to accept Musk’s vision for the company.
Now, Agrawal is desperately trying to control the narrative. Clearly, the man is terrified. And he has good reason to be.
After becoming their top shareholder with control of more than 9% of the company, Musk signed an agreement with Twitter for the following terms as long as he served on their board: “Mr. Musk agrees that, for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps or hedging transactions.” [Daily Wire]
This could be what happened. Musk bought a lot of shares in Twitter, hoping to gain a voice within the company. The board feared he would take over, so they offered him a seat on the board (knowing he couldn’t buy enough shares to own the company). Musk agreed, hoping he could change the company with help from the board. But when he realized the board was made up of entrenched leftists who like Twitter’s toxic culture, he refused.
Now, this means Musk can buy as many shares as he likes until he has majority control. He’d then have the power to fire anyone he wants, including the CEO. Musk could actually change Twitter to once again be a free speech platform. That can only mean good things for the company, as many people will return to the social network.
But that is bad news for the socialists who currently run the network. They have staked their claim as a bad faith community that persecutes anyone who is right of center. Even as the company slowly died. What will Musk to turn it around? We don’t know. But we will be watching.
Author: Kit Fargo