Musk targets Twitter board as company launches ‘poison pill’


Thoma Bravo also informed Twitter that the possibility of preparing an offer was being examined.

Thoma Bravo also informed Twitter that the possibility of preparing an offer was being examined.

Elon Musk took a swipe at Twitter’s board on Monday after the social media company introduced a “poison pill” to protect itself from the second-largest shareholder’s $43 billion takeover bid.

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“The board salary is $0 if my bid is successful, so that’s exactly $3 million per year,” Musk tweeted in response to a user’s post criticizing the board.

Musk, a self-proclaimed “free speech absolutist” who has criticized Twitter’s policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.

Musk continued his tirade against the company and on Thursday launched a poll asking his 80 million followers whether “privating Twitter for $54.20 should be a matter for shareholders, not the board.” which a large majority answered “yes”.

Later, the Tesla CEO also tweeted “Love Me Tender,” an Elvis Presley song, after Twitter settled on a plan to sell shares at a discount to discourage any attempt by shareholders to acquire more than a 15% stake to acquire. Musk currently owns a 9.1% stake.

In a series of tweet replies on Saturday, co-founder and former CEO Jack Dorsey called out the Twitter executive, saying, “It’s been the company’s dysfunction throughout.”

Dorsey’s testimony was in response to a tweet from venture capitalist Garry Tan, which said, “The wrong partner on your board can literally evaporate a billion dollars in value.”

Twitter’s shares rose about 4% to $46.85, still well below Musk’s bid of $54.20 per share. They’re up about 15% since Musk announced his stake on April 4.

Meanwhile, Twitter was also informed by Thoma Bravo, a tech-focused private equity firm that had more than $103 billion in assets under management at the end of December, that they are exploring the possibility of putting together an offer.

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