Tesla founder Elon Musk slammed Twitter&#8217;s board for &#8220;objectively&#8221; not having their &#8220;economic interests&#8221; aligned with the company&#8217;s shareholders.
Musk&#8217;s critical tweets were posted after the board adopted a &#8220;poison pill&#8221; in an effort to thwart the billionaire&#8217;s hostile takeover of the company.
&#8220;Elon Musk is in for a bad time,&#8221; Laskie founder Chris Bakke posted. &#8220;I’m not sure he’s prepared to take on a couple PhDs, a few MBAs, and a Baroness who use Twitter once a year (to reset their passwords) and collectively own 77 shares of the company.&#8221;
A screenshot of Twitter board members&#8217; ownership accompanied Bakke&#8217;s comments.
&#8220;Wow, with Jack departing, the Twitter board collectively owns almost no shares!&#8221; Musk reacted on Saturday. &#8220;Objectively, their economic interests are simply not aligned with shareholders.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1515403974802870279?ref_src=twsrc%5Etfw">April 16, 2022</a></blockquote>
The same day, the tech billionaire agreed with entrepreneur David Sacks&#8217; post claiming a rejection of Musk&#8217;s offer to outright buy Twitter would expose &#8220;corruption.&#8221;
&#8220;If the game is fair, Elon will buy Twitter,&#8221; Sacks tweeted. &#8220;If the game is rigged, there will be some reason why he won’t be able to. We’re about to find out how deep the corruption goes.&#8221;
&#8220;Indeed,&#8221; Musk replied.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Indeed
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1515367711894917122?ref_src=twsrc%5Etfw">April 16, 2022</a></blockquote>
The Twitter board on Friday announced the adoption of a &#8220;poison pill,&#8221; intended to stop Musk&#8217;s efforts to buy the company by diluting his shares. <a href="https://www.dailywire.com/news/breaking-twitter-board-passes-poison-pill-to-stop-musk-takeover">The Daily Wire</a> reported:
<blockquote>The board has adopted a “limited duration shareholder rights plan,” which gives Twitter’s existing shareholders, except Musk, time to purchase additional shares at a discount, Axios <a href="https://www.axios.com/twitter-elon-musk-poison-pill-7a62f6d6-b77a-4481-a2e3-5a7081557a84.html">reported</a> Friday.
The desired effect is clearly to dilute Musk’s holding in the company, and make the cost of a takeover higher or even prohibitive.</blockquote>
“A poison pill, devised by law firms in the 1980s to protect companies from corporate raiders, essentially lets a takeover target flood the market with new shares or allow existing shareholders other than the bidder to buy them at a discount,” The New York Times <a href="https://www.nytimes.com/2022/04/15/business/dealbook/twitter-poison-pill-elon-musk.html?smtyp=cur&amp;smid=tw-nytimes">explained</a>. “That means anyone trying to acquire the company must negotiate directly with the board.”
The pill will be activated “once any individual or a group of people working together buy 15 percent or more of Twitter’s shares,” the Times noted.
Musk earlier in the week offered to buy 100% of Twitter at $54.20 per share in cash — a deal that could exceed $40 billion, <a href="https://www.dailywire.com/news/breaking-elon-musk-offers-to-buy-100-of-twitter-in-cash">The Daily Wire</a> reported.
The entrepreneur stressed in a formal letter to Twitter&#8217;s Chairman of the Board Bret Taylor that he believes the platform should be used to proliferate the principle of free speech, an <a href="https://www.sec.gov/Archives/edgar/data/1418091/000110465922045641/tm2212748d1_sc13da.htm">SEC filing</a> revealed.
“Free speech is a societal imperative for a functioning democracy” Musk wrote, adding that this was his “best and final offer.&#8221;
Related: <a href="https://www.dailywire.com/news/elon-musk-can-f-off-reaction-explodes-online-over-musk-bid-to-outright-buy-twitter-take-it-private">‘Elon Musk Can F*** Off’: Reaction Explodes Online Over Musk Bid To Outright Buy Twitter, Take It Private</a>
Related: <a href="https://www.dailywire.com/news/twitter-issues-press-release-addressing-elon-musks-unsolicited-bid-to-outright-buy-platform">Twitter Issues Press Release Addressing Elon Musk’s ‘Unsolicited’ Bid To Outright Buy Platform</a>
Related: <a href="https://www.dailywire.com/news/breaking-twitter-board-passes-poison-pill-to-stop-musk-takeover">Twitter Board Passes ‘Poison Pill’ To Stop Musk Takeover</a>

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Elon Musk Publicly Slams Twitter Board After ‘Poison Pill’ Adopted

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Elon Musk Publicly Slams Twitter Board After ‘Poison Pill’ Adopted