(Video: Fox News)
As part of a dialogue on the news that billionaire Elon Musk had decided to opt-out of his chance at joining Twitter’s board of directors, and until the entrepreneur offers insight into that choice himself, speculation abounds as to his reasoning and includes a tweet where he asked, “Is Twitter dying?”
Fox Business host and Wall Street investor Charles Payne joined “Fox & Friends” Monday to discuss the matter with host Ainsley Earhardt. Mentioning the top ten list of Twitter accounts that included Musk in eighth place with 81 million followers, she asked Payne for his take.
“So many people are following them, but they’re not even on the platform really,” Earhardt said of the musicians Justin Bieber and Taylor Swift, whom Musk had singled out as remaining inactive on the platform for months at a time.
Most of these “top” accounts tweet rarely and post very little content.
Is Twitter dying? https://t.co/lj9rRXfDHE
— Elon Musk (@elonmusk) April 9, 2022
And @justinbieber only posted once this entire year
— Elon Musk (@elonmusk) April 9, 2022
“It is dying in that sense because the engagement comes from TikTok,” Payne said, bringing attention to the Chinese-owned video platform. “That’s where people interact. That’s where they engage. That’s the most exciting social media platform in the world.”
The Fox Business host then shifted from subjective opinion to the objective realities of Twitter’s financials.
“In the last quarter,” he said, “let me just tell you about their quarterly financials because this is a free speech story but it’s also a financial story.”
“Net income was down 18 percent. Earnings down 25 percent. Net profit margins down 33 percent,” Payne rattled off before getting to the largest decline, “Change in cash down 500 percent.”
“This is a dying company, he’s absolutely right,” the investor agreed. “It’s crazy. As a shareholder, I would want him to come on, regardless of politics but certainly, if this is the public square, let it be the public square.”
In response to the news that Musk would not be joining Twitter’s board, Payne shared his reaction before the interview aired, posting, “Go Elon Go” and “Bring free speech back.”
Go Elon Go
Bring free speech back https://t.co/1GAAmOmDfn
— Charles V Payne (@cvpayne) April 11, 2022
Twitter CEO Parag Agrawal had publicly issued a statement to employees late Sunday night to announce the decision by Musk. In part, he wrote, “We were excited to collaborate and clear about the risks….he will no longer be joining the board. I believe this is for the best.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
The announcement has many believing that Musk hesitated to move on membership because of the requirement to cap his investment at no greater than 14.9 percent for the duration of time on the board which would expire in 2024. Now that the entrepreneur is clear of those limitations, some suspect he may continue purchasing outstanding stock until such time as he becomes the majority shareholder.
Should that be the case, Musk would have a greater say to enact the changes that he deems fit for the social media company without having to compromise with the board or what they believe to be “in the best interests of the company and all our shareholders.”
At the time of this post, Musk had still not offered a comment on the decision.
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