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Elon Musk’s sudden resolution this weekend to say no a board seat at Twitter coincided with a prolific tweetstorm, offering clues to the dramatic reversal.At 6:33 a.m. Pacific on Saturday, Musk requested “Is Twitter dying?” And over the course of the following 17 hours, Musk aimed tweets at Twitter’s hottest customers, its San Francisco headquarters and its course of for authenticating accounts. Earlier than he was carried out, he made a lewd joke to the corporate the place he’s now its largest shareholder.The erratic string of Saturday tweets was uncommon even for a CEO who has earned 80 million followers with controversial 280-character posts which have resulted in lawsuits and Securities and Change Fee enforcement actions.Nevertheless it’s one of the best proof to parse to assist suss out the mysteries of what occurred behind the scenes between his settlement per week in the past to hitch Twitter’s board and his resolution to say no it Saturday. The board place was hooked up to Musk changing into the corporate’s largest shareholder, with a greater than 9 % stake.“We have now and can all the time worth enter from our shareholders whether or not they’re on our Board or not. Elon is our largest shareholder and we’ll stay open to his enter,” Twitter CEO Parag Agrawal wrote in a put up Sunday evening.The choice to ask Musk to hitch the board was heralded by conservatives, who anticipated the Tesla chief government to champion a soothing of content material insurance policies the corporate — and perhaps even to reverse the ban of former president Donald Trump. In the meantime, Twitter workers expressed discomfort internally, worrying Musk would possibly undo progress the corporate has made in policing problematic content material on-line.Now, Twitter “should cope with a wildcard investor that already owns 9 % of the corporate and has the assets to purchase the remaining 91 %,” Don Bilson, an analyst with Gordon Haskett Analysis Advisors, wrote in an electronic mail to purchasers.It’s unclear what precisely occurred to end result within the reversal. Agrawal mentioned Musk selected to not be part of the board sooner or later that morning, however he didn’t specify precisely what time that morning, nor did he say which got here first: Musk’s resolution on the board seat or his tweetstorm.Musk “favored” a tweet from one other person early Monday that posited the speculation: “Elon turned the most important shareholder for Free Speech. Elon was advised to play good and never communicate freely.”In main reversal, Elon Musk gained’t be part of Twitter boardTwitter declined to remark, and Musk didn’t reply to requests for remark.Agrawal additionally talked about that Musk had been topic to a background verify. In response to an individual who has dealt with background checks for distinguished board appointments, this could have in all probability appeared for any info that may trigger hurt to the corporate, ought to it’s made public. Musk would have needed to cooperate with such a verify, this particular person mentioned.Elon Musk delayed submitting a kind and made $156 millionMusk has beforehand taken to Twitter to criticize or solicit suggestions on the corporate. As an illustration, he would really like the corporate so as to add an “edit” button, which might enable tweets to be modified after they’re printed. Twitter mentioned it was engaged on that final week, following a ballot posted by Musk.However Musk’s largest gripe by far is Twitter’s refusal to permit some sorts of content material.“Free speech is crucial to a functioning democracy,” Musk wrote on Twitter on March 25, earlier than launching a ballot asking: “Do you imagine Twitter rigorously adheres to this precept?”Greater than 70 % of the two million individuals who voted mentioned no.On Saturday morning, Musk knowledgeable Twitter that he wouldn’t be becoming a member of the board, in response to Agrawal’s assertion.He continued. Shortly after 5 p.m. he opined that anybody who joined Twitter’s subscription service Twitter Blue ought to obtain an authentication verify mark. That would seem to handle a long-standing gripe in regards to the proliferation of spam accounts on the service, although it will be an uncommon declaration from a brand new board member.Elon Musk to handle Twitter workers after inside outcryAt 6:31 p.m. he launched a ballot on whether or not Twitter ought to convert its San Francisco headquarters to a homeless shelter — “since nobody reveals up anyway.” It was an obvious reference to the corporate’s indefinite distant work coverage.Fourteen minutes earlier than midnight, Musk made a lewd joke that hearkened to a earlier tweet about forming a college with the acronym T.I.T.S.“Delete the w in Twitter?” Musk requested.A lot of Musk’s tweets that day have been later deleted.“Whenever you tweet about turning Twitter’s workplace right into a homeless shelter, it’s slightly laborious to imagine you’re pushed by making an attempt to drive the inventory worth greater,” mentioned Richard Greenfield, a companion at analysis agency LightShed Companions.Musk’s resignation from the board — made public Sunday night — might in some methods give him extra affect over the corporate. He’s not restricted in how he can use his voting energy, neither is he restricted to a 14.9 % stake within the firm, an settlement he made as a potential board member.Now, Musk might be part of forces with different shareholders to drive Twitter’s hand. As a brand new CEO, specialists say Agrawal is especially susceptible to a shareholder ouster.
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