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{"id":3427,"date":"2022-04-12T14:37:54","date_gmt":"2022-04-12T14:37:54","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/12\/how-elon-musk-got-everything-he-wanted-out-of-twitter\/"},"modified":"2022-04-12T14:37:55","modified_gmt":"2022-04-12T14:37:55","slug":"how-elon-musk-got-everything-he-wanted-out-of-twitter","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/12\/how-elon-musk-got-everything-he-wanted-out-of-twitter\/","title":{"rendered":"How Elon Musk got everything he wanted out of Twitter"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/4\/12\/23021248\/elon-musk-twitter-troll-board-seat-fiduciary-vs-fun<\/a>
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Last week folks like me spent a lot of time writing about Elon Musk becoming Twitter\u2019s largest shareholder<\/a>, taking a board seat<\/a>, and generally throwing the company\u2019s future into uncertainty. Musk\u2019s trickster-god persona seemed to augur a new period of chaos for Twitter after a few years of relative calm, and indeed, he spent the weekend tweeting various lunatic ideas<\/a> about the company that would have landed lesser employees in a meeting with HR.<\/p>\n

But you can know you\u2019re dealing with a top-tier chaos muppet and still find yourself unprepared for the next turn of events. And indeed I found myself unprepared for the development that upended the timeline on Sunday night: Musk now won\u2019t be taking a board seat after all, and in fact had already decided not to before<\/em> he spent the weekend shitposting about whether Twitter should (for example) change its name to Titter<\/a>.<\/p>\n

The news came directly from Twitter CEO Parag Agrawal, whose life used to be way easier than this. In a tweeted screenshot, Agrawal wrote<\/a>:<\/p>\n

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The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.<\/p>\n

We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon\u2019s appointment to the board was to become officially effective 4\/9, but Elon shared that same day that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.<\/p>\n<\/blockquote>\n

Musk\u2019s revolving-door trip through Twitter\u2019s boardroom raises two obvious but so far unanswerable questions: what changed? And what happens next?<\/p>\n

Let\u2019s take them in turn.<\/p>\n

Agrawal\u2019s tweeted explanation for Musk\u2019s change of heart offered several tantalizing hints about what might<\/em> have happened. There is, for example, the highlighting of a board member\u2019s fiduciary responsibility to shareholders, a responsibility that Musk has so far shown no interest in. It is commonly (and correctly, I think) understood that Musk bought 9.2 percent of Twitter primarily for fun<\/a>. As a board member Musk would have had to represent the interests of the common shareholder, or at the very least not spooked the markets by tweeting things like \u201cIs Twitter dying<\/a>?\u201d And I imagine it became clear to him over the past few days that this would be an actual ongoing legal obligation, and would absolutely not be any fun, and that was that.<\/p>\n

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