As much as I try to stay away from this story, because it is literally everywhere, like a big fat distraction from what really matters. Elon Musk has become the symbol of free speech and his antics with the Twitter board have the world captivated.
The board is taking measures to “defend” the company from an unwanted takeover by taking actions that might not be in the best interests of the shareholders. AND that is exactly where Musk has them cornered now.
Musk has repeatedly pointed out that his offer would result in shareholders making a lot of money now. While the board tries to point out the “potential” earnings Twitter can have and what the investors “might” be able to make in the future.
The “poison -pill” approach that the board has decided to adopt, to stop Musk from gaining the ownership he needs, also could hurt current investors. By diluting the shares they are devaluing them and that dilution carries across the entire pool of investors.
Musk has also pointed out that the board is not really invested in Twitter itself. When Jack Dorsey left the company, the total ownership of the board fell to 1%.
This is a great talking point for Musk who most recently went after the unvested board members for their salary.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
At this point, Musk realizes that his path to accomplishing his goal is not by convincing the board. Instead his path is through selling the investors that he is the better way.
If he does this, then the board will have to follow or face a long line of lawsuits.
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