While Twitter’s board has expressed little interest in Elon Musk’s proposal to buy the company and take it private, adopting a ‘poison pill’ measure to head him off, Musk is allegedly hatching a separate plot where his offer would be sent directly to shareholders.
Musk teased the proposal in a Tweet where he borrowed lyrics from an Elvis song, saying ‘Love Me Tender’.
🎶 Love Me Tender 🎶
— Elon Musk (@elonmusk) April 16, 2022
Musk has sent Twitter into turmoil as its stock has risen and fallen in recent weeks. Twitter’s stock surged after musk bought a 9.2% share of the company, going up 27%. Twitter’s stock fell after Musk offered to buy Twitter for $54.20 a share.
Musk has discussed making Twitter a more free-speech-friendly platform if he acquires the company, along with other proposed changes like an edit button.
Another change that Musk proposed recently was to reduce Twitter board members’ salaries to $0.
The Daily Mail Reports–
“Elon Musk has tweeted ‘Love Me Tender’ as he again hinted at the possibility of a hostile takeover of Twitter.
The billionaire posted the Elvis Presley lyrics at the weekend in a potential bid to lure shareholders with a tender offer that could see him seize control.
A tender offer would see him bypass the board and go to shareholders with his offer of $54.20 a share – but he would need to show how he would finance his bid.
He also appeared to suggest he would strip board members of their salaries, saying they would get ‘$0 if my bid succeeds’.
It comes as the social media giant filed its ‘poison pill’ defense with the Securities and Exchange Commission today in a bid to thwart the Tesla founder.
The plan is being seen as a last ditch attempt to prevent Musk from increasing his stake in the company further following his $43billion bid last week.
Meanwhile Jack Dorsey took aim at the firm’s board, slamming it for ‘plots and coups’ that were ‘consistently the dysfunction of the company’.”