World News

Musk targets Twitter board as company adopts ‘poison pill’

Elon Musk’s twitter account is seen on a smartphone in front of the Twitter logo in this photo illustration taken, April 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

April 18 – Elon Musk took a swipe at the board of Twitter on Monday after the social media company adopted a “poison pill” to protect itself from the second-biggest shareholder’s $43 billion cash buyout offer.

Advertisements

IN PUBLIC INTEREST

*Cover your face with masks to prevent transmission of droplets carrying coronavirus
*Exercise social distancing
*Wash your hands frequently
*Sanitize your hands

STAY HOME & STAY SAFE!

 

“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted in response to a user’s post criticizing the board.

Advertisements

Azadi Ka Amrit Celebrations India

Musk, a self-described “free speech absolutist” who has been critical of Twitter’s policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.

Advertisements

AZADI KA AMRIT CELEBRATIONS IN INDIA

Continuing his tirade against the company, Musk had launched a poll on Thursday asking his 80 million followers if “taking Twitter private at $54.20 should be up to shareholders, not the board”, to which a large majority responded “Yes”.

Later, the Tesla (TSLA.O) chief executive also tweeted “Love Me Tender”, an Elvis Presley song, after Twitter opted a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15%. Musk currently has a 9.1% stake.

Meanwhile, in a series of tweet replies, co-founder and former CEO Jack Dorsey called out Twitter’s board on Saturday, saying “it’s consistently been the dysfunction of the company.”

Dorsey’s statement was a reply to a tweet by venture capitalist Garry Tan that said: “The wrong partner on your board can literally make a billion dollars in value evaporate.”

Shares of Twitter were up about 4% at $46.85, still significantly below Musk’s offer of $54.20 per share. They have risen roughly 15% since Musk disclosed his stake on April 4.

Meanwhile, Twitter has also been informed by Thoma Bravo, a technology-focused private equity firm that had more than $103 billion in assets under management as of the end of December, that it was exploring the possibility of putting together a bid. read more

Reporting by Akriti Sharma, Chavi Mehta and Eva Mathews in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

AP

APRIL 18, 2022

https://www.reuters.com/business/musk-tweets-love-me-tender-days-after-twitter-takeover-offer-2022-04-18/

Leave a Reply