WATCH: Elon Musk abandoned a plan to join Twitter’s board just as his tenure was about to start. ‘From a Cinderella story… to Game of Thrones,’ says Wedbush Securities' managing director Daniel Ives about the new u-turn by the world's richest man
board just as his tenure was about to start, the latest move by the world's richest man that defied corporate America's norms.
There was no sign that Twitter was worried that a hostile bid from Musk was imminent. In announcing the development, Twitter disclosed no shareholder rights plan, known as a "poison pill," that would force dilution if Musk tried to raise his stake above a certain threshold. Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul/Pool via Reuters
He and Tesla each paid $20 million civil fines, and Musk stepped down as Tesla's chairman to resolve SEC claims that Musk defrauded investors. Musk has since challenged an agreement he entered into with the SEC for some of his tweets to be vetted by a lawyer.
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