The economic interests of the Twitter Inc. are not aligned with shareholders, Elon Musk said on Saturday, after the social media company took steps to prevent its takeover bid.
The economic interests of the Twitter Inc. are not aligned with shareholders, Elon Musk said on Saturday, after the social media company took steps to prevent its takeover bid.
The billionaire was responding to a tweet about the board members’ shares, saying that with Jack Dorsey gone, the board “collectively has almost no stock.”
Twitter on Friday created a shareholder rights plan that could thwart Musk’s hostile takeover bid. The plan is exercisable if a party acquires 15% of the shares without prior approval and seeks to ensure that anyone who takes control of Twitter through open market accumulation pays all shareholders an appropriate control premium.
Responding to a subsequent tweet by a user about whether the so-called poison pill plan could amount to “criminal negligence,” Musk said the plan could be “more of a concern for other potential bidders” rather than “just” him.
Since making the offer, Musk has been actively posting on his Twitter account in what appears to be a social media campaign to sway public opinion in favor of his offer.
The Tesla co-founder tweeted on Thursday that the board risks being held liable if it acts against shareholders. He also thanked followers who voted in online polls supporting his candidacy.
In response to tweets about board members who could make or break a company, Dorsey said it “has consistently been the dysfunction of the company.”
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