The New York Times warned about Tesla and SpaceX CEO Elon Musk’s plans for Twitter in a recent piece titled, "Twitter Grapples with an Elon Musk problem."
In the article, published April 11, the outlet claimed that Musk’s "possible intentions" to buy more shares of Twitter and increase his power over the company, as laid out in his recent filing to the SEC, represent a "treacherous situation" for the social media company.
The Times wrote, "It was a promise — or perhaps it was a threat. Either way, the filing encapsulated the treacherous situation that Twitter now finds itself in."
Musk "could very well use the social media platform against itself and even buy enough shares to take over the company," it warned.
Musk’s foray into having power within Twitter has been a nightmare for the left ever since the "world’s wealthiest man" amassed a massive 9.2% stake in the company, becoming its largest shareholder, in recent weeks. Musk’s SEC filing further antagonized his political enemies because it signaled the reversal of his earlier decision to join the Twitter board, which would have limited his ownership of the company to 14.9%.
By not joining the board, Musk is free to bolster his stake.
The Times wrote, "[H]e was invited onto Twitter’s 11-person board and agreed to not own more than 14.9 percent of the company or take it over. Then on Sunday, Twitter abruptly said all of those bets were off and that Mr. Musk would not become a director."
"By no longer joining the board, he liberated himself from corporate governance rules that would have required him to act in the best interests of the company and its shareholders," the piece added.
Those developments combined with the fact that Musk has been highly critical of online censorship, which the social media giant has been accused of perpetrating, has given industry types reason to suspect a big shake up for the company.
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The paper wrote that Twitter is now dealing "with an activist investor unlike any other."
It also described Musk’s behavior on Twitter, saying he’s known "for being unpredictable and outspoken, often using Twitter to criticize, insult and troll others."
The paper then went onto describe the mood of Twitter employees not enthused by the new stakeholder. "Inside Twitter on Monday, employees were dismayed and concerned by Mr. Musk’s antics, according to half a dozen current and former workers, who were not authorized to speak publicly."
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Other anonymous employees mentioned they were "upset at Mr. Musk’s tweets criticizing the company’s product and business model."
According to the Times, these employees believed that Musk "didn’t appreciate the time and thought that went into updating Twitter’s services." They also claimed he "had no knowledge of the product work map."
"The relief among Twitter employees that he was no longer joining the board was short-lived," The Times reported.
"Mr. Musk could continue toying with Twitter, the current and former employees said they had realized. Several added that they were afraid of what might come next," the article concluded.