Why would Elon Musk abruptly cancel plans to join Twitter's board? He may want to take over the company, or just the freedom to tweet in peace.
Notably, Musk had publicly declared his intention to join Twitter's board of directors just minutes after Agrawal's original April 6 tweet. He was scheduled to be appointed to the board on Saturday, April 9, but instead he told Agrawal that morning that he"will no longer be joining the board." Given his substantial investment in Twitter, one consideration could be his flexibility.
"When you go on the board of directors of a company, your degrees of freedom as an investor are substantially restricted,"."To put a fine point on it, you're in it for the long haul and you're in it along with your other directors and officers — and that does restrict your freedom to operate," he said.
Moreover, being on a board puts you in a position of having access to"confidential information that is material and market moving." That information would've further restricted Musk's ability to"move in and out of a stock or other security," Clayton said. As a condition of his appointment to the board, Musk would've had to limit his stake in Twitter to 14.9%. Now, since he isn't joining the board, that restriction no longer exists — which means"This now goes from a Cinderella story with Musk joining the Twitter board and keeping his stake under 14.
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