The billionaire released the lyrics of Elvis Presley over the weekend in a possible attempt to lure shareholders with an offer that could make him take control. An offer would see him bypass the board and go to the shareholders with his offer of $ 54.20 per share – but he would have to show how he would finance his offer. He also seemed to suggest that he would deduct the salaries of board members, saying they would get “$ 0 if my offer succeeds”. It comes as the social media giant filed its defense for the “poison pill” in the Hellenic Capital Market Commission today in an attempt to stop the founder of Tesla. The plan is seen as a last resort to prevent Musk from further increasing his stake in the company after offering $ 43 billion last week. Jack Dorsey, meanwhile, has targeted the company’s board of directors, accusing it of “conspiracies and coups” which were “therefore the company malfunctioning”. In a series of tweets and responses, the former Twitter CEO endorsed a post that said “a bad board will kill a company every time.” Musk, the richest man in the world, currently holds a 9.2% stake in the tech giant and is trying to privatize him with an unsolicited offer of $ 54.20 per share. However, bosses reportedly approached Goldman Sachs and JPMorgan Chase for advice on how to respond to his offer. Elon Musk (photo last week) wrote on Twitter “Love Me Tender” as he hinted at the possibility of a hostile takeover of Twitter
Elon Musk’s tweet “Love Me Tender” implies an offer … but what does it mean?
Elon Musk’s tweet in Love Me Tender seemed to suggest an offer to shareholders. The 50-year-old simply wrote on Twitter on Saturday afternoon “Love Me Tender” with musical notes around him. An offer, also known as a hostile offer, would see him bypass the board and go straight to the shareholders with his offer of $ 54.20 per share. But he will have to submit a form to the SEC for this, which means he will have to show how he would finance his bid. It could be a problem for billionaire Tesla, as it is not yet clear how he would pay for any deal to buy Twitter. Musk’s tweet on Saturday afternoon was his latest hint that he will bypass Twitter’s board and submit his offer directly to shareholders. After a speech at TED on Thursday, he wrote on Twitter: “It would be completely unjustified not to put this offer to a vote by shareholders.” He later added that “the financial interests of the board of directors simply do not align with the shareholders”. This morning, in a series of tweets, Musk hit Twitter’s board, blasted those who claimed his offer could not work, and also praised a Bloomberg article. The Future Fund CEO Gary Black tweeted: “Let me point out something obvious. “If @elonmusk makes a private $ TWTR, TWTR board members no longer have jobs, which pays them $ 250,000-300,000 a year for a nice part-time job. Musk replied: “The board’s salary will be $ 0 if my bid succeeds, so they save ~ $ 3 million / year right there.” Another post on the social networking site hit an article by NYU professor Scott Galloway that said Musk could not afford to buy Twitter. Musk replied: “Because he is consistently wrong, it should be possible to do very well by simply doing the opposite of what he recommends.” Meanwhile, he also praised an article by Matthew Winkler for Bloomberg entitled “Defending Elon Musk’s managerial excellence.” Musk simply posted, “Why, thank you, sir!” The article said that “the history of the CEO of Tesla proves that he is an eminently business builder”. The article goes on to say that the billionaire has a history of maximizing shareholder value. He says: “Too often, Elon Musk makes the news for the wrong reasons, giving his critics a steady stream of feed to use against someone they say is more than just a rejected corporate carnival barker.” But he adds: “Musk’s success as a major shareholder maximizer proves otherwise.” Twitter on Monday submitted its plan for the “poison pill” to the SEC as it stepped up its efforts to prevent Musk from carrying out the hostile $ 43 billion ransom. The document states: “In connection with the adoption of the Rights Agreement, on April 15, 2022 the Board of Directors approved the designation of a Certificate of Determination of Rights, Preferences and Privileges of the Series A Participating Preferred Share (the” Name Certificate “). the rights, powers and preferences of the Preferred Share. “The Certificate of Appointment was submitted to the Secretary of State of the State of Delaware on April 18, 2022.” The strategy, announced on Friday, causes the company to reduce its shares if a shareholder raises a 15 percent stake without the approval of the board. But that does not stop Twitter from accepting Musk’s offer or starting negotiations with him or other potential buyers. However, it will stop the billionaire from putting pressure on the board by buying more and more shares in the open market. Twitter said its plan for the “poison pill” was “similar to other plans adopted by public companies under similar conditions”. He said: “The Bill of Rights will reduce the chance of any entity, individual or group gaining control of Twitter through the accumulation of the open market without paying all shareholders the appropriate control premium.” This means that if Musk or any other individual or group acquires at least 15 percent of Twitter shares, the “poison” pill will be activated. Any shareholder other than Musk would be able to buy new shares at half the market price, which stood at $ 45.08 on Thursday’s closing bell. The flood of half-price shares would substantially reduce his share of the property, making it much more costly for him to set up a controlling position. Twitter said its council voted unanimously in favor of the plan, which will remain in force until April 14, 2023. Earlier, former CEO Dorsey criticized Twitter’s board for responding to a series of hostile tweets. Earlier, former CEO Dorsey criticized Twitter’s board for responding to a series of hostile tweets. Responding to a Saturday post, he said: “When I was fired in 2008 and took over the board, the board removed most of my shares. “I also gave 1 percent of the company back to the employee group in 2015. So I ended up with very little company.” He also responded to a comment that referred to “conspiracies and coups” on the Twitter board, saying: “The company is constantly malfunctioning.” Earlier in the thread, he responded to a post quoting a “Silicon Valley proverb” by Fred Destin venture capital. He said: “Good boards do not create good companies, but a bad board will kill one company at a time.” “Great events,” Dorsey said. The 45-year-old businessman is still on the board but is expected to leave when his term ends at the end of May.
