Twitter investors can thank Elon Musk, who from an active user became the largest shareholder of the company, after being surprised by the contradictory principles of the freedom of speech of the social media giant. It has been less than two weeks since the so-called “free speech liberator” suddenly took a 9.2% stake in the social networking platform. Shares of Twitter have risen nearly 17% this month, while the S&P 500 has fallen 2% over the same period. Ticker Security Last change% TWTR TWITTER INC. 45.85 +1.37 + 3.07% SP500 S&P 500 4446.59 +49.14 + 1.12% Ever since he unveiled the stake, Musk has kept Twitter management and Wall Street investors eager to learn more about his plans for the company. On Thursday, they may receive some advice on what will follow. Musk will be interviewing TED conference leader Chris Anderson and could address his next possible move on Twitter, adding to what has already become a methodical timetable. ELON MUSK FACTS SHAREHOLDER SUIT FOR DELAY REVEALED ON TWITTER’S PAGE
January 31: Musk begins buying shares on Twitter
According to a 13D archiving With the Hellenic Capital Market Commission, Musk made a series of stock purchases on Twitter between January 31st and April 1st. Purchases ranged from $ 32.80 per share to $ 40.30 per share. In total, it bought 73.5 million shares for about $ 2.9 billion.
March 14: Musk reaches the 5% limit he requires, share disclosure
The SEC requires anyone who acquires more than 5% of a company’s common stock to disclose its holdings within 10 calendar days. The 13D deposit shows that Musk appears to have crossed the 5% threshold on March 14, but did not disclose the bet until April 4. ELON MASK CANCELED THE CITY HALL WITH THE TWITTER EMPLOYEES AFTER THE TWITTER’S LAWSUIT
March 25-26: Musk shouts at Twitter for freedom of speech
On March 25, Musk posted a poll on Twitter asking his followers if Twitter “strictly adheres” to the principles of free speech. About 70.4% voted no, while 29.6% voted yes. A day later, he asked his followers what needed to be done to rectify the situation and asked for a new platform to be launched.
April 5: Twitter announces Musk’s appointment to board
On April 5, a day after the news broke about Musk’s 9.2% stake, Twitter CEO Parag Agrawal announced his plans to appoint Musk to the company’s board. “I’m excited to share the appointment of @elonmusk to our board! Through discussions with Elon in recent weeks, it has become clear that he would add value to our board,” Agrawal wrote. “He is also a passionate loyal and strong critic of the service which is exactly what we need on @Twitter and in the conference room to make us stronger in the long run. Welcome Elon!” Musk responded to the tweet, noting that he is looking forward to helping the board “make significant improvements to Twitter in the coming months!” ELON MUSK TO MAKE MORE TWITTER NOISE BECAUSE HE IS NOT A MEMBER OF THE BOARD
April 6: Musk signals he could take a more active role on Twitter
On April 6, Musk filed a 13D with the Securities and Exchange Commission, which outlined specific details about his stock market on Twitter and suggested he could take a more active role on Twitter. The share was initially revealed in a 13G, which is usually intended for passive investors. He also stressed that he will not be allowed to hold more than 14.9% of Twitter shares during his term on the board or for 90 days after. The report notes that Musk’s board’s term will end at its annual Twitter meeting in 2024.
April 9: Musk rejects board position
On April 9, Musk revealed in a new update to his 13D file that he had refused to join Twitter. The deposition also signaled many ways in which he could influence Twitter as he went along. The testimony states that Musk may engage in discussions with the board or Twitter management team “about, but not limited to, possible business combinations and strategic alternatives, business operations, capital structure, governance, management”, strategy or issues concerning him. He adds that Musk can express his views directly to board members or executives “and / or the public through social media or other channels in relation to [Twitter’s] businesses, products and services “. “Elon’s appointment to the board was due to take effect on 9/4, but Elon announced the same morning that he would no longer be a member of the board,” Agrawal said in a note to officials and the following tweet April 10. “I think this is for the best.” Although the deposition notes that Musk “has no current plans or intentions that would lead to or be related to any of the transactions described,” he warns that plans could change based on a number of factors, including the relative attractiveness of alternatives. business and investment opportunities. “ Going forward, Wedbush Securities analyst Dan Ives believes Musk could prepare for a Game of Thrones-style battle against Twitter, with “a high chance that Elon will take a more hostile stance against Twitter and further develop its active share in the company. “ Musk’s no longer on Twitter’s board could lead to a number of scenarios, such as 1) working with a private equity partner and enforcing significant strategic changes to Twitter and / or selling, 2) making more noise, and “Anxiety about the board / Twitter executives with various proposed platform changes or 3) Musk says ‘the game is over, he reduced his bet and went home,’” Ives wrote in a note to customers Monday. “In our opinion, the possible paths of 1 or 2 with Street now focusing on Musk’s next poker (next deposit / bet on Twitter) in this ongoing soap opera between Elon and Twitter.” CLICK HERE TO READ MORE ABOUT FOX BUSINESS Musk’s Ted Talk is expected to take place between 11:45 a.m. ET and 2:30 p.m. ET Thursday.
