(Molly Bruns, Headline USA) After Twitter’s board initiated their “poison pill” effort, billionaire Elon Musk may be preparing a countermove by teaming up with other investors, Western Journal reported.
After Musk made the offer to purchase the company for $43 billion, the company’s board of directors unanimously decided to adopt a “limited duration shareholders rights plan,” otherwise known as a “poison pill.”
This move allows Twitter’s shareholders to buy cheap shares, which would weaken Musk’s stake in the company. This would normally be triggered if an investor were to purchase 15% or more shares in the company without board approval.
Musk, who currently owns 9.1% of Twitter, is preparing to make countermoves, bringing in other investors to help raise his bid.
“That pill may not stop other entities or people from acquiring their own shares of up to 15% of the company,” reported the New York Post. “Those owners could partner with Musk to force a sale, make changes in the executive ranks or push for other overhauls of the company.”
Speculated collaborators include private-equity firm Silver Lake Partners, An announcement is anticipated to be made within the week.
It has also been rumored that former Twitter CEO Jack Dorsey may be partnering with Musk for this bid.
While Dorsey has never been known as a bastion of free speech rights, he has often been openly skeptical of mainstream media, particularly CNN.
Responding to another tweet from a reporter saying that “CCN sometimes sells false news,” Dorsey said:
“I know this from being on the streets of Ferguson during the protests and watching them try to create conflict and film it causing the protestors to chant ‘f*** CNN’.”
I know this from being on the streets of Ferguson during the protests and watching them try to create conflict and film it causing the protestors to chant “fuck CNN”
— jack⚡️ (@jack) April 19, 2022
This comment was made in response to a Tweet by CNN host Brian Stelter, who posted an article criticizing Fox News host Tucker Carlson, claiming he was “selling doubt.”
When people accused Dorsey of defending Carlson, he said “not defending a thing. holding up a mirror.”
not defending a thing. holding up a mirror
— jack⚡️ (@jack) April 19, 2022
Dorsey has also gone on record criticizing Twitter’s board of directors.
Dorsey responded to the following Tweet: “If look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if it could be made into a Hollywood thriller one day.”
Dorsey responded, “It’s consistently been the dysfunction of the company.”
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
Because Dorsey is still technically on Twitter’s board of directors, though not in an active role, he is not allowed to make public comments like these.
Dorsey’s brazenness may be a signal of a partnership with Musk, who has made it exceedingly clear that he does not want to purchase Twitter for the money, but simply because it would be a good thing to do.
“My strong, intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” Musk said. “I don’t care about the economics at all.”
According to the New York Post, Musk’s official “partners could be announced within days.”