Musk has agreed to cap his Twitter stake at 14.9% during his stint on the board and for 90 days thereafter. His term is set to end in 2024.
The Tesla tycoon’s existing 9.2% stake makes him the platform’s largest shareholder. If he wants to push it over 14.9%, he will have to relinquish his seat.
The restriction applies to Musk as either the sole owner or as a member of a group — which should prevent his billionaire buddies from buying another portion.
While the mogul will wield vast influence over the company, the agreement reduces the risks of a hostile takeover or board shakeup.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
Musk’s appointment was revealed days after he questioned Twitter’s protection of free speech. Yet his supporters shouldn’t be too disappointed if his ambitions are checked.
Musk’s new role at Twitter may safeguard his own speech, but don’t expect Space Karen to share his privileges with the proles — even if he gains complete control of the platform.
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