Twitter announced that they would be pulling a “poison pill” effort to defend against Elon Musk’s effort to buy Twitter. That move wasn’t in the best interests of the shareholders and could subject them to lawsuits.
Musk said he had a “Plan B,” if Twitter tried to cut off his effort.
Reports claim that Musk has secured partners who will join him in the purchase. He can limit the number of shares he has, but he could try to get around that restriction by having his partners purchase as much as possible.
At the same time, there was a report that the SEC and the DOJ were looking into some of Musk’s prior actions. The timing of that report looked like it was an effort to interfere in Elon’s bid for Twitter, either by smearing him or warding him off. It didn’t work, since he’s still forging ahead.
On Saturday, Musk made the point that the Twitter board owns very little stock, so they have no real skin in the game — that they aren’t hurt if they make bad decisions that hurt the shareholders — like not accepting Musk’s offer for more than the shares are currently worth. His tweets were:
WOW, now the Twitter board has almost zero shares after Jack left! They are not aligned economically with shareholders.
— Elon Musk (@elonmusk) April 16, 2022
“Wow, with Jack departing, the Twitter board collectively owns almost no shares!” Musk tweeted. “Objectively, their economic interests are simply not aligned with shareholders.”
Musk pointed out that Robert Zoellick is not a member of the board and has never logged on to Twitter.
!
— Elon Musk (@elonmusk) April 16, 2022
Musk also indicated that he thinks the “game is rigged,” if he is not able to buy Twitter.
In other words
— Elon Musk (@elonmusk) April 16, 2022
“If the game is fair, Elon will buy Twitter. If the game is rigged, there will be some reason why he won’t be able to,” co-founder of venture capital firm Craft Ventures David Sacks said on Twitter. “We’re about to find out how deep the corruption goes.”
Musk responded to the comment with a simple “Indeed” – furthering his Twitter engagement involving his latest push to buy the social media company.
We’ll have to see how it all shakes out and what else they try to throw in his way. There’s likely more fun to come, and I think Musk is playing some 4D chess.
Elon however has proven that people are willing to go to any length to block freedom of speech. So, he’s already achieved a lot by shining a bright light on how afraid they are of a level playing field and not being able to control the narrative. We might be able to find all the details behind how things have been rigged if he takes control. It’s no surprise that they will fight tooth and nail to prevent this from happening.
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