Elon Musk Fires Back At Twitter Amid Reports Board May Reject His Buyout, Says They Will Be ‘Breaching Their Fiduciary Duty’ To Shareholders

Rafael Henrique/SOPA Images/LightRocket via Getty Images


Elon Musk slammed Twitter on Thursday afternoon amid reports that it may block his attempt to buy the company after he offered to purchase the company outright for more than $43 billion.

Twitter’s board of “directors are weighing whether to move ahead with the poison pill — formally called a shareholder rights plan — that would limit the ability of a single shareholder, like Mr. Musk, to acquire a critical mass of shares in the open market and force the company into a sale,” The New York Times reported. The poison pill tactic of warding off unwanted hostile takeovers “essentially lets the company flood the market with new shares or allow existing shareholders other than the potential acquirer to buy shares at a discount,” which “dilutes the bidder’s stake and makes buying shares more expensive.”

Musk said during an interview on Thursday that he wanted to buy Twitter because his “strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.”

Read More

Leave a Reply


Suspicious Timing? DOJ, SEC Target Elon Musk’s Tesla Amid Possible Twitter Takeover

LGBTQ – A Dangerous Cult: Mother Says Daughter And All Her Friends Now Claim To Be Trans After Attending New School