Daily Tech News, Interviews, Reviews and Updates

Elon Musk has some harsh words for Twitter Board after their decision of a Poison Pill

Elon Musk took a shot at Twitter’s board of directors on Monday after the social media company implemented a “poison pill” to defend itself from a $43 billion cash acquisition offer from its second-largest shareholder.

Musk wrote in response to a user’s post criticising the board, “Board salary will be $0 if my offer succeeds, so that’s $3M/year saved right there.”

Musk, a self-described “free speech absolutist” who has criticised Twitter’s regulations, made no more comment on the message. A request for comment from Twitter was not immediately returned.

Continuing his rant against the corporation, Musk polled his 80 million followers on Thursday, asking if “taking Twitter private at $54.20 should be up to shareholders, not the board,” to which a big majority said “Yes.”

Later, after Twitter chose a plan to sell shares at a discount to prevent shareholders from amassing a holding of more than 15%, Tesla (TSLA.O) CEO also posted “Love Me Tender,” an Elvis Presley song. Musk presently owns 9.1% of the company.

Meanwhile, Twitter co-founder and former CEO Jack Dorsey chastised the company’s board in a series of Twitter replies on Saturday, stating “it’s continually been the company’s dysfunction.”

“The incorrect partner on your board may actually make a billion dollars in value evaporate,” tweeted venture entrepreneur Garry Tan, prompting Dorsey’s comment.

Twitter’s stock was up around 4% to $46.85 per share, still well behind Musk’s offer of $54.20 per share. Since Musk declared his ownership on April 4, they have increased around 15%.

Meanwhile, Thoma Bravo, a technology-focused private equity group with over $103 billion in assets under management as of the end of December, has told Twitter that it is looking into the possibilities of putting together a proposal.



Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More