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Big TechApril 15, 2022
Time for 'Plan B': Twitter Adopts 'Poison Pill' to Thwart Elon Musk's Attempt to Buy the Company
During a TED Talk on Thursday, Elon Musk said he had a "Plan B" if Twitter's board of directors rejected his offer to purchase the company. It might be time for Plan B. Hollywood Reporter is reporting the company is adopting a "poison pill" to fight Musk's "hostile" takeover.
It's known as a "shareholder rights" plan. To defend against a takeover attempt, it uses discounted share prices to dilute the holdings of new, "hostile" shareholders. Though, the most hostile towards the sale as of now is corporate media outlets. This decision came after Thursday's ALL HANDS meeting where Twitter employees whined to the CEO that Musk owning the bird app would destroy the "culture" of the company as they know it. If they're talking about the culture of throttling any opinion that goes against the progressive agenda that week, duh. That's the whole point.
Musk hasn't announced Plan B yet. But he has been busy on the platform. Most notably, sending messages to the other actual shareholders of the company.
Absolutely. It would be utterly indefensible not to put this offer to a shareholder vote. They own the company, not the board of directors.
— Elon Musk (@elonmusk) April 14, 2022
If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.
The liability they would thereby assume would be titanic in scale.
— Elon Musk (@elonmusk) April 14, 2022
Taking Twitter private at $54.20 should be up to shareholders, not the board
— Elon Musk (@elonmusk) April 14, 2022
One tweet that stands out is Goldman Sachs' ranking of Twitter as a "sell." They go on to say that the company in its current form shows no sign of growth. Musk is offering $54.20 a share. As of this writing, the stock is only at $45.00 a share.
🤔 pic.twitter.com/PfqYpLiuVd
— Elon Musk (@elonmusk) April 14, 2022
If the shareholders have a say in the deal, they might take the buy-out. The Board of Directors wants to prevent shareholders from having any say. And the Twitter employees will continue to whine about how this is literally the worst tim--it's literally the beginning of the end of the world. Literally.
All while Musk waits. We'll see what the next week brings.
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Elon Musk Has Twitter by the Balls! Can He Actually Change It? | Louder With Crowderyoutu.be
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