Elon Musk pauses and looks down as he speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022.Jim Watson | AFP | Getty ImagesBillionaire Elon Musk’s reversal of his decision to join Twitter’s board opens the door to a hostile takeover and could lead to additional volatility in the stock, according to analysts.Musk’s decision not to join Twitter’s board means he’s no longer limited to owning just 14.9% of the company. Now, many analysts suggest the Tesla CEO could bolster his stake and eventually try and establish control.”[T]his weekend’s change-up spares the company from having to deal with a renegade director tweeting about board-level discussions. That would have been untenable,” Gordon Haskett Research Advisors’ Don Bilson wrote in a note Monday. “The flip side to this is TWTR must deal with a wild-card investor that already owns 9% of the company and has the resources to buy the remaining 91%. As volatile as Musk is, we could see a move like that made shortly. Or we could never see it all. This overhang that TWTR now lives beneath certainly qualifies as a distraction.”Bilson pointed to Twitter CEO Parag Agrawal’s statement…
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Musk backing off Twitter board opens door to hostile takeover – CNBC
