After he shared his “concern” final week relating to billionaire Elon Musk shopping for virtually 10 % of Twitter and the way he was supplied a seat on the board of administrators, CNN+ host Brian Stelter started Monday’s Dependable Sources Every day a bit relieved that Musk had turned down the board seat however he appeared on edge over “what’s going to Elon Musk do now?”
“One week after changing into Twitter’s largest shareholder, Musk is outwardly rejecting a seat on the board,” Stelter introduced on the prime of the present as he clung to the statements launched by Twitter’s CEO:
He gave discover on Saturday and on Sunday night time, Twitter CEO Parag Agrawal mentioned, quote, “I imagine this for the most effective.” However he additionally warned, quote, “There will likely be distractions forward.” Distractions like a Musk takeover transfer?
Stelter’s visitor for the phase was Hollywood Reporter media and enterprise author Alex Weprin, who he cautiously requested: “studying between the traces of the Twitter CEO’s assertion, what occurred right here?”
Weprin felt that Musk might need turned down the board place as a result of “to affix the board was that it restricted his skill to purchase greater than 14.9 % of the corporate and it additionally meant that he would have a fiduciary duty to Twitter to behave in its finest curiosity.”
“Nevertheless it does appear as if Elon has determined to go in a special course. You urged a hostile takeover, I actually assume that’s doubtlessly within the playing cards,” he added in a sober tone.
Stelter praised Weprin for the work he does “going by means of [FCC] filings to see what these firms are doing.” After all, Stelter was eager on a current submitting Musk had made:
WEPRIN: So, you already know, it’s principally one thing of a stroll again from the final one the place he’s mentioned he was going to affix the board. The large addition this time is that it acknowledges that he’s not going to affix the board and it says he’s going to be energetic in discussions with the board and with administration, principally providing them solutions for what to do with Twitter going ahead.
“That’s sort of legalese manner of claiming he’s going to be very energetic in sharing his opinion about what Twitter must be doing,” Weprin defined. “And that’s he’s going to be making use of strain to administration and the general public to attempt to get it completed.”
After seeming to worry “that is solely the start of the story,” Stelter admitted he was scouring Musk’s Twitter actions for clues to what his plan was:
I used to be simply taking a look at his Twitter feed since he’s such an energetic Twitter-er, to see if Elon’s posted something prior to now jiffy. That’s curious, Alex, is he truly deleted posts about Twitter from the previous few days. He was taking surveys asking folks what they needed to see on the positioning. And he’s taken these down. Do you learn something into that?
Weprin mentioned that Musk’s “off-the-cuff” talking model makes it “actually laborious to know what he’s pondering or what he’s planning right here.” Including: “Nevertheless it does look like he’s received some form of grander imaginative and prescient for Twitter and what his position in Twitter’s future is.”
The transcript is beneath, click on “increase” to learn:
CNN+’s Dependable Sources Every day
April 11, 2022
11:01:38 a.m. JapaneseBRIAN STELTER: Up first, what’s going to Elon Musk do now? One week after changing into Twitter’s largest shareholder, Musk is outwardly rejecting a seat on the board. He gave discover on Saturday and on Sunday night time, Twitter CEO Parag Agrawal mentioned, quote, “I imagine this for the most effective.” However he additionally warned, quote, “There will likely be distractions forward.” Distractions like a Musk takeover transfer?
I’ve a sense we’re going to search out out quickly.
Alex Weprin is right here with extra. He’s a media and enterprise author at The Hollywood Reporter. Alex, studying between the traces of the Twitter CEO’s assertion, what occurred right here?
ALEX WEPRIN: You already know, it appears like Twitter and Elon Musk have been in conversations for a while about him becoming a member of the board. Nevertheless it appears like Elon primarily determined that he needed to go in a special course. He needed to be extra energetic.
The factor with Elon’s take care of Twitter to affix the board was that it restricted his skill to purchase greater than 14.9 % of the corporate and it additionally meant that he would have a fiduciary duty to Twitter to behave in its finest curiosity. And that’s one thing Parag talked about in his notice to employees, that Elon would have a duty to Twitter to not himself.
Nevertheless it does appear as if Elon has determined to go in a special course. You urged a hostile takeover, I actually assume that’s doubtlessly within the playing cards.
STELTER: You and I’ve been pals for a very long time. I do know that you just dig by means of FCC filings, it’s one among your specialties, going by means of authorities filings to see what these firms are doing. Elon Musk has simply filed with the FCC and what did he say in that?
WEPRIN: So, you already know, it’s principally one thing of a stroll again from the final one the place he’s mentioned he was going to affix the board. The large addition this time is that it acknowledges that he’s not going to affix the board and it says he’s going to be energetic in discussions with the board and with administration, principally providing them solutions for what to do with Twitter going ahead.
That’s sort of legalese manner of claiming he’s going to be very energetic in sharing his opinion about what Twitter must be doing. And that’s he’s going to be making use of strain to administration and the general public to attempt to get it completed.
STELTER: So, that is solely the start of the story, Alex?
WEPRIN: It additionally mentioned he was going to be buying – he could purchase extra of Twitter. He could, you already know, purchase extra inventory, he could purchase extra shares. So, he might change into a a lot bigger investor than he’s proper now. Proper now he owns about 9 % of the corporate. That might develop within the coming weeks.
STELTER: I used to be simply taking a look at his Twitter feed since he’s such an energetic Twitter-er, to see if Elon’s posted something prior to now jiffy. That’s curious, Alex, is he truly deleted posts about Twitter from the previous few days. He was taking surveys asking folks what they needed to see on the positioning. And he’s taken these down. Do you learn something into that?
WEPRIN: It’s laborious to know what Elon Musk is pondering at any given second. Proper?
STELTER: Proper.
WEPRIN: He’s very energetic on Twitter. He’s additionally a really sort of unstable persona. You already know, he says issues off the cuff when you’ve ever seen him communicate. And he doesn’t actually care what folks assume. So, it’s actually laborious to know what he’s pondering or what he’s planning right here. Nevertheless it does look like he’s received some form of grander imaginative and prescient for Twitter and what his position in Twitter’s future is.
STELTER: Yeah. There’s a cause why he bought all these shares. And I don’t assume we essentially comprehend it but.