Elon Musk Dunks on the Twitter Board — and Comments on Whether Things Are 'Rigged'
By Nick Arama | Apr 16, 2022 6:45 PM ET
Twitter announced that they would be pulling a “poison pill” effort to defend against Elon Musk’s effort to buy Twitter. That move wasn’t in the best interests of the shareholders and could subject them to lawsuits.
Musk said he had a “Plan B,” if Twitter tried to cut off his effort.
According to reports, Musk is now securing partners to go in with him on the buy. So if he is limited in the percentages he can buy, he can try to circumvent that limitation by having partners buy up to the maximum as well.
At the same time, there was a report that the SEC and the DOJ were looking into some of Musk’s prior actions. The timing of that report looked like it was an effort to interfere in Elon’s bid for Twitter, either by smearing him or warding him off. It didn’t work, since he’s still forging ahead.
On Saturday, Musk made the point that the Twitter board owns very little stock, so they have no real skin in the game — that they aren’t hurt if they make bad decisions that hurt the shareholders — like not accepting Musk’s offer for more than the shares are currently worth. He wrote on Twitter:
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
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