The communists who run Twitter are in total panic of Elon Musk’s offer to buy Twitter outright. So much so, they are considering a “poison pill” in order to make sure Musk doesn’t end up buying Twitter. These communists are desperate to keep their platform from being about free speech.
Twitter’s board of directors is reportedly considering a plan to block Elon Musk’s $41 billion hostile takeover — but the billionaire says that he has a ‘Plan B’ if his initial offer to take the company private fails.
The board, meeting on Thursday afternoon, is considering combatting the takeover bid with a so-called ‘poison pill’ provision that would prevent Musk from increasing his stake in Twitter, a source told the Wall Street Journal.
Also known as shareholder rights plans, poison pills typically trigger an automatic stock dilution through a flood of new shares if a corporate raider’s ownership stake grows too large. In Twitter’s case, the idea would be to prevent Musk from increasing his 9.2 percent stake in order to pressure the board to accept his deal.
As well, a Saudi prince who claims to be a major shareholder says that he would vote against Musk’s offer of $54.20 per share, insisting that it doesn’t ‘come close to the intrinsic value’ of the social media platform, which had been trading between $30 to $40 this year before Musk announced his stake.
But Musk, speaking at the TED2022 Conference in Vancouver on Thursday afternoon, defended his offer, saying he was motivated to transform Twitter into a bastion of free speech.
‘This is not about the economics,’ Musk said. ‘My strong intuitive sense is having a public platform that is maximally trusted and broadly inclusive is important to the future of civilization.’
‘The civilizational risk is decreased the more we can increase the trust of Twitter as a public platform,’ he said. ‘Twitter has become kind of the de facto town square, so it’s really important that people have both the reality and perception that they are able to speak freely, in the bounds of the law.’