twitter says musk not joining board warns of distractions ahead - Twitter says Musk not joining board, warns of ‘distractions ahead’

The disclosure of the stake has stoked widespread speculation on his intentions, ranging from a full takeover of the platform to taking an active role in corporate decisions.

Musk’s latest decision opens the possibility for him to take a larger position and potentially make an all-out bid, CFRA Research analyst Angelo Zino wrote in a client note.

“We had thought the equity cap and board seat was originally intended to handcuff Musk in many respects and think he is unlikely the type of individual who will now just sell his stake and walk away,” Zino added.

News of Musk taking a board seat had some Twitter employees panicking over the future of the social media company’s ability to moderate content, company sources told Reuters.

Before taking a stake, Musk ran a Twitter poll asking users if they believed Twitter sticks to the principle of free speech.

A day after becoming the largest shareholder, he launched another poll asking users if they wanted an edit button, a long-awaited feature on which Twitter has been working.

The Tesla boss also asked users in a poll if Twitter’s headquarters should be converted into a homeless shelter, a plan backed by Amazon.com Inc’s founder Jeff Bezos.

On Saturday, Musk suggested changes to the Twitter Blue premium subscription service, including slashing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin.

“It’s clear Musk wants to retain the full freedom to criticise company policy, to steer it in his desired direction of travel,” Hargreaves Lansdown analyst Susannah Streeter said in a note.

“He still has a ringside seat, remaining the biggest shareholder, and also has the power of his 81 million twitter followers to do just that.”