The economic interests of Twitter Inc.’s board of directors do not align with shareholders, Elon Musk said Saturday after the social media company took steps to fend off its takeover bid.
Responding to a tweet about board members’ stock holdings, the billionaire said that with Jack Dorsey’s departure, the board “combinedly owns almost no stock.”
Twitter laid out a shareholder rights plan on Friday that could thwart Musk’s hostile takeover bid. The plan is exercisable if a party acquires 15 percent of the shares without prior approval and seeks to ensure that anyone who takes control of Twitter through open market accumulation pays all shareholders a reasonable control premium.
In response to a user’s subsequent tweet about whether the so-called poison pill plan could amount to “criminal negligence,” Musk said the plan could be “more of a concern for other potential bidders” than “just” him.
Since making the offer, Musk has been actively posting on his Twitter account in what appears to be a social media campaign to sway public opinion in favor of his offer.
The Tesla co-founder tweeted Thursday that the board can be held liable if it acts against shareholders. He has also thanked his followers who voted in favor of his candidacy in online polls.
In response to tweets about board members going in and out of business, Dorsey said, “It was consistently the dysfunction of the company.”
https://www.independent.ie/business/world/twitter-boards-interest-not-aligned-with-shareholders-musk-says-41561023.html Twitter board interest does not align with shareholders, Musk says