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.
Or DWAC rebuys at a lower price.
special acquisition companies like dwac are used to bring private companies public. they are never used to acquire publicly traded company like twtr. and its already announced its acquisition. too many people talk about dwac not even knowing what a spac is.
Nah, no reason for DWAC to invest in that shitty company.
That shitty company is a major tool in the culture war. It’s an asset.
Exactly
Definitely a tool in the culture war, but that’s like saying the Universities are essential for education.
Some tools break. But for 45 billion you'd be inclined to keep that tool.
The company and platform are not shitty. It's who runs them that is.
Well that is true, but unfortunately the corporate culture is built on top of this shitty culture, it’ll have to be completely revamped (employees, infrastructure, etc), hence why it’s better to take it private imo.
Yes, fire them and eliminate the positions. Whys that dumpster fire need 7,500 people.
u/basilpesto I think you're missing the point. While yes, twitter is the internet's hairy ass hole, it's where the majority of the internet is.
If Trump took over the site he could change it for the better and get rid of the censorship and reinstate banned accounts
I would agree with this. My point is we don’t need to have DWAC buy Twitter for this to happen (let alone that Twitter runs on the services that could easily take it offline / censored).
There is a fascination with DWAC it seems.