Elon Musk And Jack Dorsey BOTH Slam Twitter Board After Adopting ‘Poison Pill’

Written by K. Walker on April 18, 2022

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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

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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…

The same day, Musk responded to entrepreneur David Sack’s post that rejecting Musk’s offer would be evidence of “corruption.”

On Sunday, Jack Dorsey blasted the board as “consistently” being the “dysfunction” of the company.

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.

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.

Earlier in April, Dorsey lamented the “damage” to the internet done by tech companies.

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.

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.

Last week, Musk said during a TED Talk that he had a “Plan B” if the board rejected his offer…

It ain’t over folks!

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ClashDaily's Associate Editor since August 2016. Self-described political junkie, anti-Third Wave Feminist, and a nightmare to the 'intersectional' crowd. Mrs. Walker has taken a stand against 'white privilege' education in public schools. She's also an amateur Playwright, former Drama teacher, and staunch defender of the Oxford comma. Follow her humble musings on Twitter: @TheMrsKnowItAll and on Gettr @KarenWalker