Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Reuters via Global News | Staff | Apr 18, 2022
Elon Musk 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.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
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.”
The Verge | Andrew Hawkins | Apr 16, 2022
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.
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.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
![]() | ![]() | ![]() |
![]() Share for a Chance to Win FREE #FFCON23 Virtual Event Tickets!!As a part of the lead-up to this exciting event, NCFA will be holding a social media contest for the chance to win FREE tickets to attend. In order to be entered to win, all you’ll need to do is share any of our event posts or create one of your own through your Facebook, Twitter, Instagram or LinkedIn personal or company page, tag @NCFACanada, and use #FFCON23. Winners will be contacted prior to the event. We look forward to seeing you there! ![]() Support NCFA by Following us on Twitter!Follow @NCFACanada ![]() |
Leave a Reply