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Twitter’s board adopts ‘poison pill’ as Elon Musk vows $0 salary for board

Reuters via Global News | Staff | Apr 18, 2022

Elon Muskmusk wants to buy twitter - Twitter's board adopts 'poison pill' as Elon Musk vows $0 salary for board took a swipe at the board of Twitter on Monday after the social media company adopted a “poison pill” to protect itself from the second-biggest shareholder’s US$43 billion cash buyout offer.

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

See:  Jack Dorsey resigns as CEO of Twitter

Musk, a self-described “free speech absolutist” who has been critical of Twitter’s policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.

Continuing his tirade against the company, Musk had launched a poll on Thursday asking his 80 million followers if “taking Twitter private at US$54.20 should be up to shareholders, not the board,” to which a large majority responded “Yes.”

Meanwhile, in a series of tweet replies, co-founder and former CEO Jack Dorsey called out Twitter’s board on Saturday, saying:

“it’s consistently been the dysfunction of the company.”

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The Verge | Andrew Hawkins | Apr 16, 2022

Elon Musk wants to buy Twitter.  What you need to know

On Thursday, April 14th, Elon Musk announced an offer to buy Twitter for $54.20 a share.

The day after Musk announced his proposal to buy Twitter, the company’s board responded with a poison pill. This is basically the board’s way of saying, “Thanks, but no thanks.

The poison pill consists of a new “shareholder’s rights plan” to give certain shareholders the right to purchase more stock if Musk or another buyer attempts to seize control. And it signals that Twitter’s board intends to fight Musk’s bid to take sole ownership of the company.

See:  Twitter to allow Bitcoin tipping to their favourite creators

He hasn’t lined up the financing to buy Twitter and take it private. He is working with Morgan Stanley, but it’s anyone’s guess whether he’s actually listening to them. Musk himself said he may not win in the end. If he succeeds in pressuring Twitter to make the changes he wants, he may just retract his bid. All things are possible.

Twitter’s first all-hands meeting after Musk’s bid went public was a weird one. After serenading employees with Backstreet Boys and Aretha Franklin, the company said it would continue to evaluate the offer.

Employees told Alex Heath they were frustrated by the lack of a more detailed response.  They’re concerned about the future of the social media platform, as well as the possibility of layoffs.

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