Printed on Sun Aug 07 2022 6:46:03 PM

Musk targets Twitter where company adopts 'poison pill'

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Elon Musk took a swipe at the leading group of Twitter on April 18 after the social media company adopted a "poison pill" to shield itself from the second-greatest shareholder's $43 billion cash buyout offer.

"Board pay 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.

Musk, a self-depicted "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.

Proceeding with his outburst 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 for 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.

In the interim, in a progression of tweet answers, co-founder and former CEO Jack Dorsey called out Twitter's board on Saturday, April 16, saying "it's consistently been the dysfunction of the company."

Dorsey's assertion 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 underneath Musk's offer of $54.20 per share. They have risen roughly 15% since Musk disclosed his stake on April 4.

Meanwhile, Twitter has additionally 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.

 
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