wp-plugin-hostgator domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114ol-scrapes domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source: https:\/\/www.theverge.com\/2022\/4\/5\/23011256\/elon-musk-twitter-board-of-directors-ownership<\/a> Twitter is appointing Tesla CEO Elon Musk to its board of directors, according to a filing<\/a> with the US Securities and Exchange Commission. Musk will serve as a class II director until 2024. This is a type of position that can be used<\/a> as an anti-takeover measure.<\/p>\n In a pair of tweets<\/a>, Twitter CEO Parag Agrawal confirmed Musk\u2019s new role on the board. He called Musk \u201cboth a passionate believer and intense critic of the service\u201d and said he would \u201cbring great value to our Board.\u201d Musk responded<\/a> via Twitter saying he looks forward \u201cto making significant improvements to Twitter in coming months!\u201d<\/p>\n He\u2019s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter<\/a>, and in the boardroom, to make us stronger in the long-term. Welcome Elon!<\/p>\n \u2014 Parag Agrawal (@paraga) April 5, 2022<\/a>\n<\/p><\/blockquote>\n<\/div>\n<\/div>\n \u201cThe Company will appoint Mr. Musk to the Company\u2019s Board of Directors (the \u201cBoard\u201d) to serve as a Class II director with a term expiring at the Company\u2019s 2024 Annual Meeting of Stockholders,\u201d the filing says. \u201cFor 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 the Company\u2019s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.\u201d<\/p>\n On Monday, Musk announced via an SEC filing that he\u2019d purchased a 9.2 percent stake<\/a> in Twitter, despite his complaints about free speech on the platform. Musk\u2019s acquisition makes him the largest individual shareholder in the company. Shortly after making that disclosure, Musk polled followers about creating an \u201cedit\u201d button<\/a>. Agrawal replied by tweeting<\/a> \u201cthe consequences of this poll will be important,\u201d and he warned users to \u201cvote carefully.\u201d<\/p>\n Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!<\/p>\n \u2014 Elon Musk (@elonmusk) April 5, 2022<\/a>\n<\/p><\/blockquote>\n<\/div>\n Jack Dorsey, the former CEO of Twitter, expressed that he\u2019s \u201chappy\u201d that Musk is joining the Twitter board, citing that \u201che cares deeply about our world and Twitter\u2019s role in it.\u201d Dorsey stepped down as CEO<\/a> in November 2021 but will still remain on the board until sometime in May.<\/p>\n I\u2019m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter\u2019s role in it.<\/p>\n Parag and Elon both lead with their hearts, and they will be an incredible team. https:\/\/t.co\/T4rWEJFAes<\/a><\/p>\n \u2014 jack\u26a1\ufe0f (@jack) April 5, 2022<\/a>\n<\/p><\/blockquote>\n<\/div>\n<\/div>\n As noted by CNBC<\/a>, Musk\u2019s investment could set off more issues with the SEC. The SEC requires<\/a> anyone with more than a 5 percent stake in the company to disclose their purchase within 10 days. Musk first acquired the shares on March 14th, 2022, and didn\u2019t reveal that information until April 4th, 2022 \u2014 21 days after the fact. According to CNBC, the SEC\u2019s fines for this kind of violation typically aren\u2019t exorbitant (for the world\u2019s richest man<\/a> at least), and tend to waver around the $100,000 mark. <\/p>\n Another issue could relate to the way he announced the stock purchase, with a Schedule 13G filing instead of selecting the more complicated 13D. The difference is that anyone acquiring more than 5 percent of a company\u2019s shares is required to register it, and according to Investopedia<\/a>, the 13D form includes asking about plans \u201cinvolving a merger, reorganization, or liquidation of the issuer or any of its subsidiaries.\u201d The simpler 13G form does not ask those questions, however. It\u2019s intended for use<\/a> when investors \u201chave no intention of influencing control of the issuer,\u201d and taking a board seat suggests that isn\u2019t the case. Improperly filing the forms could result in a fine from the SEC.<\/p>\n Musk has butted heads with the SEC several times over the content in his tweets. In 2018, the SEC sued Musk for tweeting<\/a> he had \u201cfunding secured\u201d to take Tesla private. A judge later ordered an attorney to approve Musk\u2019s tweets<\/a> before he publishes them. The SEC is currently investigating Musk<\/a> for his tweet polling users whether to sell 10 percent of his Tesla shares. <\/p>\n
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