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Big TechApril 18, 2022
Elon Musk's New Attack On Twitter's Board of Directors Won't Make Friends, But Shareholders Will Like It
Weeks 3 of Elon Musk's attempt to literally save democracy and free speech with his own two hands by buying Twitter (why should leftists hog all the hysterics for themselves) has been quiet. All except for a single tweet from Mr. Musk. When we left off last week, Twitter's board introduced a "poison pill" to prevent shareholders from agreeing to Elon Musk's sale. Odd, because a board of directors has a fiduciary duty to protect shareholders' investments.
Investment advisor Gary Black says they might be more concerned with their six-figure salaries than doing their actual jobs. And for good reason! Elon Musk says when he takes over, their salaries are going to $0. Already Musk is making investors more money by cutting operation costs by over three million dollars a year!
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
There have been a lot of questions about Twitter's Board of Directors. Including some from board member Jack Dorsey. They're supposed to make shareholders money. That's their job, even if they don't have a personal interest since they barely own any shares themselves.
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
Some of them don't even use the platform.
!
— Elon Musk (@elonmusk) April 16, 2022
We'll see what this week brings. More drama could unfold if the rumors are true and Musk brings on more investors to team with him. Or we could maintain the status quo with Twitter employees whining and Twitter executives getting corporate media to write Op-Eds about free speech being in peril if Twitter can't moderate it. I'm expecting fireworks. And the best thing about fireworks going off regarding Elon Musk buying Twitter is that they're ignited by Musk's tweets on Twitter. I doubt the irony is lost on anyone involved.
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