“Twitter board with few stakes is inconsistent with shareholder interests”
“It’s true” comment on the conspiracy theory of ‘manipulation of takeover games and fraudulent intervention’
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(LOS ANGELES = Yonhap News) Correspondent Yoon-Seop Jeong = US social media Twitter Board of directors decided to block Tesla CEO Elon Musk’s hostile merger and acquisition (M&A) attempt, Musk launched an online public opinion contest.
Musk tweeted on the 16th (local time), “After Twitter founder Jack Dorsey left the company, the board as a whole owns very little stock in the company. It doesn’t match,” he said.
He answered a Twitter user’s question as to whether the Twitter board’s ‘poison pill’ strategy to defend its management rights might also result in the board’s negligence in violating the interests of shareholders.
Twitter’s board of directors decided to implement a poison pill in response to Musk’s takeover attempt the day before.
The poison-feel system is a system that grants in advance a call option to purchase new stocks at a much lower price than the market price to existing shareholders, excluding those that have been subjected to hostile M&A by issuing large-scale new stocks or engaging in hostile M&A.
In this way, existing shareholders can increase their stake to defend their management rights with a relatively small amount of money, but it will be difficult for those involved in M&A to secure their stake.
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Musk, who faced obstacles in his attempt to take over Twitter, launched a public opinion battle by posting sympathetic comments one following another to the opinions of netizens criticizing the board of directors.
He responded by placing an exclamation point on a netizen’s post claiming that Twitter director Robert Zollick had never posted on Twitter and had no stake in it.
He also agreed with conspiracy theories that Twitter is using fraudulent methods to prevent Musk’s takeover.
David Sacks, co-founder of venture capital firm CraftVentures, said: “If the game is fair, Musk will buy Twitter. But if the game is rigged, there will be some reason why he can’t buy Twitter.”
“We will see how deep the corruption is,” he said.
Musk replied, “Really.”
Musk also conducted an online poll asking for opinions on the pros and cons the day before, saying, “It’s up to the shareholders, not the board, to make Twitter private at $54.20 per share.”
After 83.5% of the 2859,000 people participated in the survey in favor of it, Musk posted “I love you”.
On the 13th, he proposed to management to buy the entire stake in Twitter for $54.20 a share, and announced plans to make the social media unlisted for freedom of expression.
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