Elon Musk is 'talking to private equity
investors to partner with him on an increased
bid for Twitter' after board adopted a
dramatic 'poison pill' defense to thwart
his $43B hostile takeover
Daily Mail (UK),
by
Harriet Alexander
Original Article
Posted By: Imright,
4/15/2022 9:45:30 PM
Elon Musk is talking with potential partners about joining him in a bid to wrestle control of Twitter, after the board poured cold water on his $43 billion offer and instead opted to take 'a poison pill'.Musk, 50, told the board on Wednesday he wanted to buy the social media company, in which he has a 9.1 percent share.On Thursday, the CEO, Parag Agrawal, told staff that they were still weighing up Musk's offer.But on Friday, Twitter's board announced the dramatic 'poison pill plan' to prevent Musk from increasing his stake in the company further.
Reply 1 - Posted by:
EJKrausJr 4/15/2022 10:35:18 PM (No. 1129816)
Twitter thinks they're safe, but Elon has just begun. Worse case, he dumps his shares and builds a new Town Square. Best case he acquires Twitter, fires everyone, goes open source, lets the world develop the soapboxes. Free speech is Free speech again.
36 people like this.
Reply 2 - Posted by:
seamusm 4/15/2022 11:12:25 PM (No. 1129826)
How on Earth is it legal to treat one person's common shares differently than another's?
28 people like this.
Reply 3 - Posted by:
little guy 4/16/2022 8:24:01 AM (No. 1129994)
All of a sudden --- the Libs have stopped bragging about owning a Tesla.
Musk is not your average "Big Lib" multi-millionaire. Musk became wealthy pandering to the "greenies". He didn't get to be where he is and as rich as he is by being dumb. He didn't just step in it like so many 2nd and 3rd generation wealthy. And he is the wrong guy to mess with as he seeks whatever prize he desires.
The problem with this idea is that it cuts the value of the stock and if every mom and pop decides to dump it, hang on. There is a flood of stock on the market and no buyers. Meanwhile, institutional investors ... who basically really own the company ... can unite and vote to throw out the current Board and put in one sympathetic to Musk. If fact, he can vote his 10% ownership to do that.
This could go like a school board in Virginia! If Musk gets a majority of shareholders currently on the books to agree --- they can issue a vote of no confidence and push a new vote for Board members. Once the current idiots are removed and new members sworn in, they then re-write or remove the "poison pill" rule.
23 people like this.
Reply 4 - Posted by:
Dodge Boy 4/16/2022 8:43:13 AM (No. 1130016)
And over at fakebook, Zuckie Boy, you starting to sweat it yet?
15 people like this.
Reply 5 - Posted by:
janjan 4/16/2022 9:12:57 AM (No. 1130032)
Twitter is cornered. Their strategy of ripping off their shareholders to cover their own asses is going to backfire. It will end up in court and the CEO will be toast.
16 people like this.
Reply 6 - Posted by:
starboard 4/16/2022 9:50:22 AM (No. 1130076)
Musk is an engineerning genius. He knows what he's doing and the twitter geeks don't. They are flailing and listening to lawyers who want to get in on this. What is sounds like is Musk is making an offer to purchase the company and to take it private. This will cause the stock to tank. Good bye Twitter! That's when he'll make his next move. The uncertainty of what he will do next is the key. Musk has made many deals building his empire over the years and knows how to play the game well. Very Trumpian if I may say so. The lilliputian Twitter geeks have no idea what they are about to encounter.
This is going to be exciting to watch and I have no doubt Musk will achieve what he wants.
19 people like this.
Reply 7 - Posted by:
Thos Weatherby 4/16/2022 10:02:49 AM (No. 1130095)
Remember, Trump not only is starting a Twitter type company with Truth Social Media, Trump also started a media acquisition company to help buy out other social media companies. Wouldn't surprise me if they merged Truth Social with Twitter. As Musk says, it's not about the $$$. Could CNN be next?
10 people like this.
Reply 8 - Posted by:
Zigrid 4/16/2022 10:10:35 AM (No. 1130104)
I think the most interesting part of this tug of war...is the board's shooting themselves in the foot...why wouldn't you want to sell with such a substantial money offer...it's called "control"...tweeter is just terrified of losing power and control....which says a lot about the people in charge of tweeter now...I think they have met their match...Elon doesn't look like he's backing down....it's like a game of Monopoly ...and Elon wants Boardwalk and Park Place...and I think he's gonna get it!!
11 people like this.
Reply 9 - Posted by:
Dino Sayer 4/16/2022 11:06:21 AM (No. 1130166)
Once upon a time there was a prince of a certain small country that decided to bring a rich country to its knees without violence of any kind. So he went and bought effective control of its primary message sharing app. He interfered with political messages, reports of scientific advances, and reports of voting irregularities. Within a few years, the economy was in shambles, a dunce was elected as their leader, they were humiliated before the world, and hundreds of thousands of excess deaths have occurred. The citizens are at each other’s throats, and many are applauding the very censorship that has done them harm. This is a satire and bears no relation to actual current events of course.
9 people like this.
Reply 10 - Posted by:
cor-vet 4/16/2022 11:39:55 AM (No. 1130192)
This is pretty 'racist' of the board and all the knee- jerk reacting libs, going against an African-American like Musk.
12 people like this.
Reply 11 - Posted by:
PrayerWarrior 4/16/2022 12:23:16 PM (No. 1130245)
Would someone please pass the popcorn? This movie looks like a lot of fun and laughs...
Seriously, we at our house have prayed fervently for years for the Lord to bring down Big Tech and bankrupt them for the destruction they've done to our beloved country. But God may have other plans than bankruptcy for them, it may be Elon Musk...so it's just like the Lord to do something different...out in left field. Go Elon go!
4 people like this.
Reply 12 - Posted by:
Rumblehog 4/16/2022 7:57:20 PM (No. 1130549)
In the Animal Kingdom, a lion, who is king of his Pride, is approached by a younger, stronger, more agile Lion sensing weakness in the older king, might challenge him for control of the Pride. The young male lion won't be satisfied merely "deposing" the king, but will kill him, or wound him seriously enough that should he survive, he will never be the same. He may in fact succumb to his wounds, or the female Lions will drive him away, where he will be destroyed by a pack of Hyenas. This is the Law of the Jungle, though not unique to the "jungle."
The Twitter Board and Executives are like the old "king" Lion, who don't want to give up control of the "Pride," which are the Legions of Leftist Twits who make up Twitter, following it religiously, and even using it as a factual news source. This is a heady experience for the "Lion," though not particularly good at making money. (same for newspapers these days, just ask Bezos)
Twitter will be left in shreds after the the young Lion finishes his attack, which will be followed by weaker young Lions (=bands of venture capitalists), and then come the packs of Hyenas (=blood-thirsty lawyers) who will finish it off.
0 people like this.
Below, you will find ...
Most Recent Articles posted by "Imright"
and
Most Active Articles (last 48 hours)