April 12, 2022: -Twitter shares fell in premarket trading Monday after CEO Parag Agrawal revealed that Elon Musk had abandoned his plan to join the company’s board.
The social media company’s stock tumbled more than 8% to less than $43 a share at 4 a.m. ET before recovering. At 7:09 a.m. ET shares were less than just 0.13% at $46.10.
On April 5, Musk and Twitter said he would be joining Twitter’s board. A day before, the Tesla and SpaceX CEO disclosed through financial filings that he’s Twitter’s biggest shareholder, holding a 9.2% stake in the firm.
On Saturday, Musk would have been appointed to Twitter’s board, but the richest man in the world informed the company on the day that he would not be taking the board seat. Twitter’s investor relations page will be updated, and Musk is listed as a board member.
“Elon has decided not to join our board,” Agrawal wrote on Twitter Sunday. “I sent a brief note to the company, sharing with you all here.”
In the note, Agrawal said that Musk remains the shareholder of Twitter, and the company will be open to his input.
“We were excited to collaborate and clear about the risks,” he wrote. “We also believed that having Elon as a fiduciary of the company where he, such as all board members, has to act in the best interests of the company and all our shareholders was the best path forward.”
If Musk had joined the board, he could not acquire more than 14.9% of the company’s shares. Although he’s no longer entering the board, he can theoretically increase his stake, should he wish to. Few industry experts speculated on Twitter that he might try to take over the company and rebuild it in the way he wants to.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …