Whether or not the board of directors over at Twitter thought they had heard the last of billionaire entrepreneur Elon Musk after turning down his generous offer to buy the company remains unknown, but it is now clear if given the chance, Musk will make sure that same board won’t ever impact the social media company’s decisions again.
The board led by CEO Parag Agrawal had decided Friday to adopt a “poison pill” strategy after turning down the $43 billion offer to privatize Twitter. Under this plan meant to “prevent or discourage a potential hostile takeover,” shareholders would be allowed to purchase additional shares at a discount in order to limit a shareholder from gaining a controlling interest beyond a 15 percent stake, as previously reported.
Musk had already pointed out the “liability” the board would assume if they took “actions contrary to shareholder interests,” pointing to the same fiduciary duty they were prepared to hold him accountable to in the agreement he turned down as part of his chance to join the board before he moved to buy the company.
Late Friday, Twitter user Chris Bakke pointed out just how “contrary” the board’s actions were when he posted a breakdown of the mere 77 shares collectively owned by the current members.
Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
— Elon Musk (@elonmusk) April 16, 2022
The billionaire plainly stated without founder Jack Dorsey, “the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.”
Gary Black, an SEC-registered investment adviser, and managing partner for The Future Fund LLC took a deeper dive into the board and was happy to point out that, while they have next to no investment in the company, they benefit a great deal.
Let me point out something obvious: If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job. That could explain a lot. pic.twitter.com/vLgpEZpapA
— Gary Black (@garyblack00) April 17, 2022
“If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job,” Black wrote with a graphic that broke down their compensation. “That could explain a lot.”
Musk had a very simple solution to this that not only would prevent the board from ever making decisions that benefit themselves more than the company again but would assure a budget savings of around $3 million annually from day one under his potential ownership.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon Musk (@elonmusk) April 18, 2022
Totaling the board’s current compensation, Musk readily pointed out that he would eliminate the salary for board members and, perhaps in a tongue-in-cheek way, suggested there might no longer be a board should he gain control.
— Catturd ™ (@catturd2) April 18, 2022
— Puttin on the Ritz (@TheRitz527) April 18, 2022
— la teoría de la conspiración persona 🇹🇼 (@PalominoOMG) April 18, 2022
— ˜”*°•. J9ðråñgê13 •°*”˜ (@j9orange13) April 18, 2022
Even Twitter’s founder Jack Dorsey readily admitted that the aims of the board had always been problematic for the company after one user pointed out it has been “mired in plots and coups.”
it’s consistently been the dysfunction of the company
— jack (@jack) April 17, 2022
When asked by another user if he was “allowed to say” that, Dorsey flatly responded “no.”
no
— jack⚡️ (@jack) April 17, 2022
While others consider throwing their hats in to make an offer on Twitter, and Musk may be considering joining with others in his bid to take over the company, Matthew Peterson, founder of The American Mind, succinctly put it, “You gotta enjoy this ride, wherever it goes.”
You gotta enjoy this ride, wherever it goes. https://t.co/E6HcKXmDHS
— Matthew J. Peterson (@docMJP) April 18, 2022
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Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn't researching current events and their impacts, you'll find him spending time with friends and family or working on his next novel.
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13 thoughts on “Elon Musk’s sharp plan to save Twitter $3M a year out of the gate may explain board’s resistance”
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Im thinking Trump, DeSantis, Musk. What a party that would be!!!!!🤩
So?
Think how many trillion he’d save the American federal government. Politicians in federal prison rather than on big incomes. Then there’s Hunter…….
It would be nice if after Musk prevails and purchases the company, the directors are sued personally for their attempt to screw the real owners of the company out of their payday.
Time for everyone to buy 1 share of Twitter to enable us to SUE the current board. We could get a class action lawsuit going in no time to further depress the share price. Then Elon can buy it for a reduced price and then target Instagram (which should have been never allowed to be bought by Facebook), giving it an oligopoly when you figure in Twitter
Sounds like a fun plan to get in on, but I think it would run against the prohibition on ex-post facto laws. “You bought your stock after they violated their fiduciary duty, so you don’t have a stake in that violation. Maybe next time, boys.”
Elon,
Get Donald Trump to go in with you. If you and Donald end up owning Twitter, leftist heads would literally be exploding all around us. We would be able to use Twitter the way it’s supposed to be used. So it would be a win for everybody.
I have afeeling that DOJ as THE VOICE of DIMWIT BIDEN with sURGE of TEXTS from Soros, DNC, Aoc nad any DIMWIITED GROUPS LIKE Antifa/Facebook/ You Tube/ cnn/bsnbc/ the 3 Alphabets e and assorted Fascists/Communist KLANS are in Total FEAR to have MUSK liberate Speech to become FREE AGAIN …….IT SCARES these WANNA BE DICTATORIASL DIMWITS !! I expect all sorts of Antitrust actions by DOJ// FBI investigations// Russia type expose1 will arrive soon>>> here we go again!!
The globalists and all the crazies they have working for them will certainly be sad if they lose Twitter. But they still have Meta, Alphabet, Amazon, even Apple (even though I like that company more than the others) to take down Twitter with.
Others have said they’ll deplatform the company if Musk takes it. Until I read about the company’s poison pill plan, I figured the other globalists would be concerned about the backlash they might get for the move. Now, I doubt they’ll think twice, should they “have to”.
“And they knew they were naked” and they were shamed.
JUST like the DIMWIT BIDEN … they have NO CLOTHES ON ( even if they feel IMPERIAL)
Some Boards are very boring.
its getting interesting