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SpaceX Falcon-9 Rocket And Crew Dragon Capsule Launches From Cape Canaveral Sending Astronauts To The International Space Station Entrepreneur Elon Musk’s decision to not join Twitter’s board reportedly means that the world’s wealthiest man is no longer restricted in how much of the company that he can buy.
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.”
Since Musk declined to join the board, he is not bound by any restrictions on how much of the company he can buy, journalist Yashar Ali noted . Given this news… @elonmusk is no longer bound to this restriction on ownership. https://t.co/gNFoPhiOer pic.twitter.com/R8Nx3p38hK
— Yashar Ali 🐘 (@yashar) April 11, 2022 Twitter CEO Parag Agrawal said in a statement on Sunday night that it was Musk’s decision to not join the company’s board after the company offered him a seat.
“Elon Musk has decided not to join our board,” Agrawal said . “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a […]
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