Twitter Moves to Block Elon Musk From Increasing Stake
The social-media company takes the step a day after the tech entrepreneur made a $43 billion unsolicited takeover bid
Twitter confirmed its board would review Elon Musk’s proposal.
PHOTO: LAURA MORTON FOR THE WALL STREET JOURNAL
By Cara Lombardo
Updated April 15, 2022 12:37 pm ET
Twitter Inc. moved to prevent Elon Musk from significantly increasing his stake the day after he made a $43 billion unsolicited takeover bid for the social-media company.
The company on Friday adopted a so-called poison pill that makes it difficult for him to increase his stake beyond 15%. The billionaire founder of Tesla Inc. already owns a more than 9% stake that he revealed earlier this month.
The Wall Street Journal reported Thursday that Twitter was weighing such a move.
Poison pills, also called shareholder-rights plans, are legal maneuvers that make it hard for shareholders to build their stakes beyond a set point by triggering an option for others to buy more shares at a discount. They are often used by companies that receive hostile takeover bids to buy themselves time to consider their options.
That won't work. BlackRock and Vanguard will get the green light to purchase those shares.
Wont that make it look like the system is rigged to everyone watching? The thing is, we dont really know what Elons goal is here. What if it is to strip away all of the facade and reveal that twitter is (and always was) a propaganda arm of the government. He doesnt actually have to complete the purchase to expose plenty. He certainly has many eyes on the fight. And wouldnt you know it, Trump and TS are just waiting in the wings to go full launch.....
You may be right, this may be about exposing sec very dirty practices.
They are going out until no bullets are left. They've long ago abandoned a lightly gathered semblance of a faint specter of respectability; they've long have none. We know it's rigged. They know we know. They know we know they know.
I laughed when I read this because it's so true.
Obvious game to both sides yet we keep playing.
I don’t think government(s) give a crap about if it looks rigged or not, anymore l. It’s so obvious now the two tiered justice system. Question is who gains or who loses. If the loser is a “somebody”, justice happens. If not, then laws broken will be ignored.
In their eyes it's just business. In ours it's treason.
Exactly.