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Musk targets Twitter board as company adopts 'poison pill'

Stock Markets Apr 18, 2022 03:51PM ET
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© Reuters. FILE PHOTO: 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
 
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(Reuters) -Elon Musk took a swipe at the board of Twitter (NYSE:TWTR) 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.

"Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there," Musk tweeted https://twitter.com/elonmusk/status/1516056299376623626 in response to a user's post criticizing the board.

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.

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 (NASDAQ:TSLA) 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.

Musk targets Twitter board as company adopts 'poison pill'
 

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Comments (3)
Isaac Levy
Isaac Levy Apr 18, 2022 4:35PM ET
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Elon Musk is our generations “George Washington”, who will save American values and the country, from those leftists who should first go somewhere else and show us how any socialist system has EVER function and worked for the benefit of the population. It does not exist!!
Duncan McTaggart
Duncan McTaggart Apr 18, 2022 1:24PM ET
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Typical right wing press *****below. Who would not vote against the board of ANY company about ANY issue in an online poll??? Elon is a bit slow on how transparent self-serving propaganda can be. Stock price is down and he wants to buy - what a genius??? 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".
Gopal Parekh Hong Kong
Gopal Parekh Hong Kong Apr 18, 2022 3:34AM ET
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nothing is gonna happen... enjoy...
Stacy Starner
Stacy Starner Apr 18, 2022 3:34AM ET
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🙄
 
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