Twitter has put a major roadblock in front of Elon Musk’s effort to take over the company, leaving investors to wonder about the mercurial Tesla CEO’s next move. Musk has a number of options.
Although he said his offer was “final,” Musk may have to raise his bid to satisfy other shareholders. A Saudi prince who is among Twitter’s major shareholders scoffed at the offer last week in a tweet. Al Waleed bin Talal said he didn’t believe $43 billion is close to Twitter’s value given its growth prospects. Twitter shares hit an all-time high of $77.63 in March 2021.
The preferred stock would have the same voting rights as a common share, according to the filing, which does not specifically mention Musk. If Musk triggered the poison pill, he risks wiping out much of the money he has invested in Twitter because his stake would be diluted, said Columbia University law professor Eric Talley. “You want to deter someone from deliberately triggering the poison pill,” Talley said.
Musk said in making his bid that Twitter “needs to be transformed as a private company” in order to build trust with users and do better at serving what he calls the “societal imperative” of free speech. He said shareholders, not the board, should decide whether Twitter goes private. Musk took to Twitter to criticize board members in recent days, saying he’d save about $3 million per year by bringing the board salary to zero if his bid succeeds, and noting that board members collectively owning just a tiny financial stake in Twitter shows that their “economic interests are simply not aligned with shareholders.”
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Elon Musk drops Twitter board seat in new U-turnWATCH: Elon Musk abandoned a plan to join Twitter’s board just as his tenure was about to start. ‘From a Cinderella story… to Game of Thrones,’ says Wedbush Securities' managing director Daniel Ives about the new u-turn by the world's richest man
Leer más »
Meet the Twitter Army of Elon Musk SuperfansElon Musk might have more than 82 million Twitter followers, but only a handful of those can consistently grab the billionaire’s attention and rally Tesla’s social-media army.
Leer más »
Bill Gates and Elon Musk Twitter Feud Rages over Gate's choice of Electric Porsche TaycanBoth Elon Musk and Bill Gates agree that Electrification is one solution to climatechange, but what was the Twitter feud in 2020 all about? Find out here.
Leer más »
Elon Musk launches $41.39 billion hostile takeover of TwitterBillionaire says social media company has extraordinary potential and he will unlock it
Leer más »
Twitter Takeover Battle: Elon Musk—And Jack Dorsey—Turn Up Pressure On BoardIt's not unusual for an assailing investor like Elon Musk to attack the board. It's much stranger for Jack Dorsey, a board member, to publicly criticize the board.
Leer más »