The economic interests of Twitter Inc’s board do not align with those of shareholders, Elon Musk said on Saturday after the social media company took steps to halt its acquisition attempt.
The billionaire was responding to a tweet about board members’ stock holdings, saying that with the departure of Jack Dorsey, the board “collectively holds almost no shares.”
Twitter on Friday established a shareholder rights plan that could thwart Musk’s hostile takeover bid. If a party acquires 15% of the stock without prior approval and wants to ensure that anyone controlling Twitter through open market deposits pays a reasonable control premium to all shareholders, this plan usable.
Responding to a subsequent tweet by a user about whether the so-called poison pill scheme might amount to “criminal negligence”, Musk said the plan could be “more worrying about other potential bidders” rather than “just”. Is.
Since making the offer, Musk has been actively posting on his Twitter account what appears to be a social media campaign to sway public opinion in favor of his bid.
The Tesla co-founder tweeted Thursday that the board risks liability if it takes action against shareholders. He also thanked followers who voted in an online poll supporting his bid.