Patrick Gadson, co-head of the Shareholder Activism practice at Vinson Elkins, another law firm, said he felt sympathy for Twitter. “I would never want any director that I represent, or any director at all, to have to deal” with this situation, he said.
Mr. Musk did not respond to requests for comment. He has not directly addressed the situation regarding Twitter’s board but liked a tweet that suggested the company wanted to restrict his free speech rights.
Parag Agrawal, Twitter’s chief executive, alluded to how Mr. Musk would have had to behave as a “fiduciary of the company” in a post on Sunday. Twitter, which published a biography of Mr. Musk as a member of its board that was still visible late Sunday, declined to comment on Monday.
Mr. Musk has long shown significant disrespect for corporate governance rules. In 2018, he faced securities fraud charges after inaccurately tweeting that he had secured funding to take Tesla private. Mr. Musk later agreed to pay a $20 million fine to the S.E.C. and step aside as Tesla chairman for three years.
He also agreed to allow Tesla to review his public statements about the company. But in 2019, the S.E.C. asked a judge to hold him in contempt for violating the settlement terms by continuing to errantly tweet about Tesla.
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. After the billionaire suggested over the weekend that Twitter convert its headquarters into a homeless shelter because “no one shows up anyway,” employees questioned how Mr. Musk would know that given that he hadn’t visited the building in some time. They also pointed out that Mr. Musk, whose net worth has been pegged at more than $270 billion, could easily afford to help San Francisco’s homeless himself.
Article source: https://www.nytimes.com/2022/04/11/technology/twitter-elon-musk-problem.html
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