Elon Musk Becomes Twitter’s Largest Shareholder After Shakeup Tease

[Teh One Who Knocks]

By Lucas Manfredi | FOXBusiness


Twitter's board of directors has unanimously adopted a limited duration shareholder rights plan following Tesla CEO Elon Musk's $54.20 per share offer to take the social media giant private.

Under the plan, which is also referred to as a "poison pill", shareholders' rights will become exercisable if an entity, person or group acquires beneficial ownership of 15% or more of Twitter's outstanding common stock in a transaction not approved by the board. In the event that the rights become exercisable, shareholders will be entitled to purchase additional shares of common stock at a discounted rate.

The board says the plan "is intended to enable all shareholders to realize the full value of their investment in Twitter" and will "reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders."

The plan, which will expire on April 14, 2023, does not prevent Twitter's board from engaging with parties or accepting an acquisition proposal if they believe it is in the best interest of the company and its shareholders.

Musk's $43 billion bid comes less than two weeks after he disclosed a 9.2% stake in Twitter on April 4. Though Musk was initially invited to join Twitter's board, he later declined the offer. As part of joining the board, Musk would've been unable to own more than 14.9% of Twitter's stock while serving on the board or for 90 days after. Musk's board term would have expired at Twitter’s 2024 annual meeting.

Though Elon Musk has said that the offer is his "best and final" one, he revealed at TED2022 on Thursday that he is prepared with a plan B. When asked for specific details, he declined to elaborate.

[Teh One Who Knocks]

[Teh One Who Knocks]

By Amanda Prestigiacomo - The Daily Wire




Tesla founder Elon Musk slammed Twitter’s board for “objectively” not having their “economic interests” aligned with the company’s shareholders.

Musk’s critical tweets were posted after the board adopted a “poison pill” in an effort to thwart the billionaire’s hostile takeover of the company.

“Elon Musk is in for a bad time,” Laskie founder Chris Bakke posted. “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.”

A screenshot of Twitter board members’ ownership accompanied Bakke’s comments.

“Wow, with Jack departing, the Twitter board collectively owns almost no shares!” Musk reacted on Saturday. “Objectively, their economic interests are simply not aligned with shareholders.”

The same day, the tech billionaire agreed with entrepreneur David Sacks’ post claiming a rejection of Musk’s offer to outright buy Twitter would expose “corruption.”

“If the game is fair, Elon will buy Twitter,” Sacks tweeted. “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.”

“Indeed,” Musk replied.

The Twitter board on Friday announced the adoption of a “poison pill,” intended to stop Musk’s efforts to buy the company by diluting his shares. The Daily Wire reported:

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 reported 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.

“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 explained. “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, The Daily Wire reported.

The entrepreneur stressed in a formal letter to Twitter’s Chairman of the Board Bret Taylor that he believes the platform should be used to proliferate the principle of free speech, an SEC filing revealed.

“Free speech is a societal imperative for a functioning democracy” Musk wrote, adding that this was his “best and final offer.”

[PorkChopSandwiches]

fucking clowns

[Teh One Who Knocks]

fucking clowns

The shareholders need to get those board members removed. Other than Dorsey, the other 11 hold a combined 77 shares of stock? And they are the ones deciding what's "best" financially for the company?

[PorkChopSandwiches]

The shareholders need to get those board members removed. Other than Dorsey, the other 11 hold a combined 77 shares of stock? And they are the ones deciding what's "best" financially for the company?

Yeah, and the deal for the shareholders is pretty good by all accounts

[lost in melb.]

[Muddy]

The shareholders need to get those board members removed. Other than Dorsey, the other 11 hold a combined 77 shares of stock? And they are the ones deciding what's "best" financially for the company?

That's how it works, these rich people stick their buddies on boards to draw salaries for nothing. example: Hunter Biden, Ukrainian gas board

[PorkChopSandwiches]

That's how it works, these rich people stick their buddies on boards to draw salaries for nothing. example: Hunter Biden, Ukrainian gas board

I believe they have lots of options though

[Teh One Who Knocks]

By Joseph A. Wulfsohn | Fox News




Podcast giant Joe Rogan offered his support to Elon Musk as the Tesla CEO continues his battle to take over Twitter.

There has been a cultural firestorm ever since Musk revealed he bought over 9% stake of Twitter, Inc., which was later followed by an offer to buy the entire company for $43 billion after declining a seat on Twitter's board of directors, which last week adopted a "poison pill" to block his efforts.

Musk's advocacy to turn Twitter into a true free speech platform has sparked praise among conservatives while members of the legacy media have decried the prospects of the outspoken billionaire taking over the tech giant, advocating for "content moderation" which Musk backers say is calling for censorship.



On Saturday's installment of "The Joe Rogan Experience," Rogan suggested Musk was among the "powerful leaders" Americans turn to for guidance.

"That’s why, me included, everyone is so excited that Elon Musk is trying to buy Twitter," Rogan said. "We’re like, ‘Yes! The great one!'"

"He's the super-intelligent leader-type character that seems to have great ethics and morals too," the podcast host continued. "And he seems to be, like, a guy that if you had a movie character, and the movie character was like this super billionaire who didn’t give a f---, but he was super f---ing smart, and he's really, genuinely working to save humanity, that’s that guy."

"Real Time" host Bill Maher similarly cheered on Musk's moves towards Twitter, exclaiming "I'm for it!"

"We live in a different age where Twitter is the public square now. If you deny someone's right to speak on Twitter, you're basically saying you don't have free speech rights," Maher said earlier this month. "We're not living in 1980 anymore. This is a different world we live in where social media controls this. So social media is sort of a… it's living in a space that's not exactly a publication, but it's not exactly a private company either… That's why it's so tricky."

"I think that's what Elon Musk wants to fix at Twitter," Maher later added.

However, members of the legacy media have had a collective meltdown over Musk's latest aspiration.

Among the most outspoken are the staff of The Washington Post, which is notably owned by fellow billionaire Jeff Bezos.

[Teh One Who Knocks]

Huileng Tan - Business Insider




Elon Musk said he will not pay board members if he manages to acquire Twitter.

"Board salary will be $0 if my bid succeeds, so that's ~$3M/year saved right there," Musk tweeted on Monday.

Musk was responding to a Twitter thread about the company's board that claimed its interests are not aligned with shareholders.

The thread, by Future Fund managing partner Gary Black, also highlighted the compensation of the 11 Twitter board members who collectively make about $2.9 million in cash and stock awards, according to a US Securities and Exchange Commission filing.

Musk's tweet about board member compensation came after he tweeted on Saturday that the "economic interests" of Twitter's board are "simply not aligned with shareholders."

Twitter is currently trying to block Musk's $43 billion bid to take the company private.

Musk is the social media platform's biggest individual shareholder after building up a large stake in the company this year, equating to 9.1% of the firm. He was also briefly the company's biggest overall shareholder, until investment firm Vanguard upped its stake to 10.3% of the firm, according to an SEC filing first reported by the Wall Street Journal.

Earlier this month, Twitter announced the billionaire would join its board of directors — but said a few days later Musk walked back the decision.

Twitter's board has since said it will deploy a "poison pill" defense — also known as a shareholder rights plan — to fend off Musk's takeover bid. It works by increasing the total number of a company's shares, making it harder for any interested party to buy up all of the stock.

Musk is the world's richest person, with an estimated net worth of $255 billion, according to the Bloomberg Billionaires Index.

[PorkChopSandwiches]

[lost in melb.]

I would love to know more about this board. Who they are...

[Teh One Who Knocks]

I would love to know more about this board. Who they are...

The only name I recognize off the list besides Dorsey is Parag Agrawal, he's the current CEO of Twitter.

[Muddy]

The only thing that sucks more than Slayer, is Twitter.