ELON Musk may acquire additional shares in Twitter Inc. now that he is no longer accepting a position on the social media company’s board, according to a securities filing on Monday.
The abrupt reversal over the board seat over the weekend ignited renewed speculation about Musk’s intentions for Twitter since first disclosing he had taken a stake of just over 9% — becoming the social media giant’s largest individual shareholder.
By not joining the board, Musk is no longer subject to an agreement to keep his stake at no more than 14.9%.
Twitter shares were down 3.1% as the market opened on Monday in New York.
According to a filing with the Securities and Exchange Commission, Musk has no “present plans or intentions” to acquire additional shares, but “reserves the right to change his plans at any time” in light of evaluating various factors including the stock price and the “relative attractiveness of alternative business and investment opportunities.”
The notice also said that Musk could engage in discussions with the board about potential business combinations and strategic alternatives. And, in a twist that may be particular to one of Twitter’s most prolific users, the filing noted that Musk can express his views to the board “or the public through social media or other channels.”
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