Musk has rejected a plan to join Twitter's board, renewing the likelihood he could launch an outside bid for control of the company.
with activist investor Elliott Management in 2019 when it acquired a stake in Twitter and sought changes at the company. But the plan didn’t seem like it would work as well with an investor like Musk, who has channeled a chaotic management style while running Tesla and SpaceX—often using Twitter to publish controversial statements about those companies’ plans.
Twitter doesn’t have the dual-share classes that many public tech companies do. Those systems leave voting rights—control—with a company’s founders, protecting them against a Musk. Without this Twitter could adopt a so-called poison pill plan, a costly move where it sells stock at a discount to dilute an aggressive shareholder’s stake. Kohl’s and Papa John’s have both adopted such plans over the last couple years to ward off encroaching investors.
The company has long struggled to marry its cultural importance with a strong business engine. It was founded in 2006, went public nearly seven years later and saw its stock approach $70 a share a few months after the IPO. But shares languished after that and didn’t climb above $70 until the pandemic when Twitter and other internet companies saw a surge in users during lockdowns.
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