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While it’s no surprise that Twitter power-user Elon Musk was venting his frustrations, it was surprising to see Twitter’s creator and ex-CEO blasting the board of directors.
On Friday, Twitter’s board decided to take preventative measures to prevent Musk from taking over the social media platform.
Axios reports that the “poison pill” strategy would kick in once any individual or a group of individuals working together own a stake of more than 15% of the company.
A poison pill gives existing shareholders the ability to purchase additional shares in the company at a discount, which in turn dilutes the stake of the person or party seeking to buy the company…
…”The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” the company added.
Source: Axios
Related:
- FREE SPEECH: Elon Musk Just Bought A HUGE Stake In TWITTER
- BREAKING: Twitter Makes Big Announcement Following Elon’s Share Purchases
- MEME OF THE DAY: With Elon Now Twitter’s Biggest Shareholder… Will POTUS Make A Comeback? (VIDEO)
- Elon Musk Mocks WaPo Op-Ed Railing Against ‘Rich People’ Controlling Communication
- ELON MUSK: ‘I Made An Offer’ — Now He Wants To Buy The Whole D@mn Company!
Musk blasted the board of directors saying that their economic interests are objectively “not aligned with shareholders” while Dorsey said that the board has “consistently been the dysfunction of the company.”
On Saturday, Laskie founder Chris Bakke posted a screenshot of the Twitter board members’ own stakes in the company and Musk responded…
Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
— Elon Musk (@elonmusk) April 16, 2022
The same day, Musk responded to entrepreneur David Sack’s post that rejecting Musk’s offer would be evidence of “corruption.”
Indeed
— Elon Musk (@elonmusk) April 16, 2022
On Sunday, Jack Dorsey blasted the board as “consistently” being the “dysfunction” of the company.
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
no
— jack⚡️ (@jack) April 17, 2022
He also agreed with a quote by venture capitalist Fred Destin in response to a tweet about how the make-up of the board of directors is important.
Fred Destin: “What I do know for sure is that this old Silicon Valley proverb is grounded in age-old wisdom that still applies today: Good boards don’t create good companies, but a bad board will kill a company every time.” https://t.co/IXxIrMoU7d
— Tren Griffin (@trengriffin) April 17, 2022
big facts
— jack⚡️ (@jack) April 17, 2022
Dorsey has said that he had wanted Elon Musk to join the board long ago and was thrilled when he was offered a seat at the table.
I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.
Parag and Elon both lead with their hearts, and they will be an incredible team. https://t.co/T4rWEJFAes
— jack⚡️ (@jack) April 5, 2022
I’ve wanted Elon on the board for a long time
— jack⚡️ (@jack) April 5, 2022
Earlier in April, Dorsey lamented the “damage” to the internet done by tech companies.
the days of usenet, irc, the web…even email (w PGP)…were amazing. centralizing discovery and identity into corporations really damaged the internet.
I realize I’m partially to blame, and regret it.
— jack⚡️ (@jack) April 2, 2022
working on it
— jack⚡️ (@jack) April 2, 2022
Vivek Ramaswamy, entrepreneur and author of “Woke, Inc.: Inside Corporate America’s Social Justice Scam” has some suggestions if Elon does manage to get control of Twitter.
The 3 categories of Twitter employees & my advice on what to do w/ them:
1) Those who do no work. Fire them & save $
2) Those who hate free speech. Elon should pay them to leave
3) Those who are motivated by the free speech mission. Pay them extra b/c they’ll save the company pic.twitter.com/3bVd0P3PEc
— Vivek Ramaswamy (@VivekGRamaswamy) April 18, 2022
Heh.
Now, that’s an interesting proposal.
It looks like Musk plans to start the savings with the salaries of the Board of Directors who aren’t doing their job which is to align with the best interests of shareholders.
The $TWTR board’s interests aren’t waligned with TWTR shareholders. The board serves to represent shareholders. If they refuse to act in the best interest of SHs, they should be removed and replaced by new board members who understand their fiduciary obligations. https://t.co/MqsysyktkT
— Gary Black (@garyblack00) April 17, 2022
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
Last week, Musk said during a TED Talk that he had a “Plan B” if the board rejected his offer…
Q: "If in this case you are not successful, you know, the board does not accept your offer, you've said you won't go higher. Is there a plan B?"
.@elonmusk: "There is." pic.twitter.com/ax2Kcb8GEi
— The Post Millennial (@TPostMillennial) April 14, 2022
It ain’t over folks!
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This is a great gift for the prayer warriors. Real. Raw. Relevant.
