Elon Musk still might slide in the board’s DMs.
that it now owns 82,403,665 shares, which is enough for a 10.29 percent piece of the company, even though the ownership is distributed across all fund-holders.
That board of directors deal is off, and now the new document is here, so what’s changed? The only significant difference is Section 4, which previously contained language limiting Musk to a 14.9 percent stake in the company. Now that language is gone, replaced by a note indicating what the Reporting Person “might” do, and it focuses on two specific things.
concerning, including, without limitation, potential business combinations and strategic alternatives, the business, operations, capital structure, governance, management, strategy of the Issuer and other matters concerning the Issuer. The Reporting Person may express his views to the Board and/or members of the Issuer’s management team and/or the public through social media or other channelsIn his letter to employees Sunday night, Twitter CEO Parag Agrawalof Musk that “we will remain open to his input,” and Elon’s letter suggests there will be plenty of it. How much of it comes in discussions with the board and management vs. social media musing may determine how much the “distraction” Agrawal warned of actually comes to pass.
It’s unclear what caused Musk to inform the board on Saturday morning that he wouldn’t join them as a member, but it leaves his future plans unclear. In the document, Musk indicates that he isn’t planning to buy more shares of the company right now but also says he “reserves the right to change his plans at any time, as he deems appropriate.”
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