The buyout offer from Musk is just the latest development in his relationship with Twitter. The billionaire revealed in regulatory filings over recent weeks that he'd been buying shares in almost daily batches starting Jan. 31. Only Vanguard Group’s suite of mutual funds and ETFs controls more Twitter shares.
Musk said last week that he informed Twitter he wouldn’t be joining its board of directors five days after he was invited. He didn’t explain why, but the decision coincided with a barrage of now-deleted tweets from Musk proposing major changes to the company, such as dropping ads — its chief source of revenue — and transforming its San Francisco headquarters into a homeless shelter.
After Musk announced his stake, Twitter quickly gave Musk a seat on its board on the condition that he not own more than 14.9% of the company’s outstanding stock, according to a filing. But Musk backed out of the deal. Musk and Tesla in 2018 agreed to pay $40 million in civil fines and for Musk to have his tweets approved by a corporate lawyer after he tweeted about having the money to take Tesla private at $420 per share. That didn’t happen but the tweet caused Tesla’s stock price to jump. Musk’s latest trouble with the SEC could be his delay in notifying regulators of his growing stake in Twitter.
Not the weiner chopping way either..
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