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.
