No doubt we will find out over the next few weeks. More plausibly, Musk himself decided that he didn’t want to be bound by the company’s policies, and would prefer to influence it from the outside, and if necessary keep buying more shares until he has complete control. The explanation? Perhaps they decided that Musk, who has, to put it politely, a strained relationship with the normal rules of corporate governance, might not be a fit and proper person after all. Over the weekend, however, that changed, with Parag Agrawal, its chief executive, announcing that he wouldn’t after all. Musk has a fortune currently estimated at $274bn, and with the Tesla share price up by 28pc over the last month that is likely to keep on rising.Īfter buying a 9.2pc stake, he was meant to be joining the board from yesterday.
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Even after a run up in the share price as his stake became public, it is still only worth $37bn (£28bn). Musk can easily afford to buy the whole of Twitter if he wants to. If Musk’s creeping control of the company can change that it will be by far the biggest business story of the year – and the one with the most far-reaching consequences. Social media increasingly sets the context in which all political, social and economic decisions are made, and that context is clearly driven by the Left. Can he shift it from the hysterical woke liberalism it promotes right now towards the libertarian Right?
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It remains to be seen whether Musk takes full ownership of the company, and if so whether he can increase its reach and its profits.īut the more important question is surely this.
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The Tesla founder Elon Musk has already taken a 9.2pc stake in Twitter, and over the weekend declined to take a seat on the board, which means he is not tied to its policies and is free to keep buying more shares. It is without question the most Twitter-style takeover battle the markets have yet seen, which is, come to think of it, appropriate given that it is control of the social media site itself that is being contested. It is raucous, disorganised, changes from moment to moment and doesn’t seem to have any coherent purpose beyond creating some fleeting excitement.