Musk’s Decision To Not Join Twitter’s Board Signals Potential Major Move He Can Now Make On The Company

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

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