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Twitter’s Board of Directors appear to be doing everything they can to prevent Tesla CEO Elon Musk from buying the remaining shares of the social media company.
Musk, who owns 9.1%, hit a roadblock in his $43 billion bid Friday, when Twitter unanimously voted to adopt the Rights Plan or “poison pill” which prevents anyone from purchasing more than 15% of the company. Some might say it’s “rigged” if Musk can’t purchase Twitter, such as Craft Ventures co-founder David Sacks.
“If the game is fair, Elon will buy Twitter,” Sacks wrote, via Twitter. “If the game is rigged, there will be some reason why he won’t be able to. We’re about to find out how deep the corruption goes.”
Musk needed just one word to let Sacks know how he feels about that.
“Indeed,” Musk replied.
Musk’s intentions are clear: he wants to take Twitter private to make changes that he sees fit. Musk first floated the idea during a post on March 26 and said that Twitter fails to adhere to free speech principles.
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk wrote. “What should be done?”
Shortly after making his offer, the billionaire said he wasn’t interested in going back-and-forth with Twitter on his offer.
“I am not playing the back-and-forth game,” Musk said. “I have moved straight to the end. It’s a high price and your shareholders will love it. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
As OutKick relayed Friday, Musk is reportedly speaking with investors to partner up with him on his bid. That plan could be announced within days.
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