Confused about what's going on regarding ElonMusk and Twitter? You're not alone. Let us guide you through this complex story of takeover bids and poison pills.
It’s official. After months of twists and turns and drama, Tesla CEO Elon Musk has decided to cancel his acquisition of Twitter. But if you’re asking yourself how we got here and wondering how this all started, you’re at the right place.
The board seat offer came with a stipulation that Musk wouldn’t purchase more than 14.9% of Twitter’s remaining stock. Musk initially accepted this offer, saying he was looking forward to working with the team “to make significant improvements to Twitter.” Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk Twitter investor files a lawsuit against Musk April 12, 2022: Twitter investor Marc Bain Rasella filed a lawsuit against Musk in a New York federal court. The lawsuit alleges the following:
Twitter’s board of directors mounts ‘poison pill’ strategy against Musk’s takeover bid April 15, 2022: Twitter announced on April 15 that its board of directors would be employing a “poison pill” deterrent against Musk’s takeover bid. What’s a poison pill? It’s basically when the current shareholders of given company are allowed to purchase more shares at a discounted price to weaken the ownership interest of the person trying to take over .
As we mentioned earlier, the poison pill strategy Twitter is using involves allowing all current shareholders to buy more shares at a discounted price. In this latest filing, that discounted price would be $210. The filing also confirms that the strategy will kick in if an “Acquiring Person” buys 15% or more of Twitter’s stock.
However, Reuters’ sources on the matter also say that the deal could still “collapse at the last minute.” It’s also worth noting that the current version of the deal still allows Twitter to accept a bid from another buyer even after signing the deal with Musk. But in order to do so, Twitter will have to pay a “break-up fee” to Musk.
In terms of Twitter’s alleged non-compliance, the letter discusses yet again Musk’s concerns about the accuracy of Twitter’s reported percentage estimate of fake/spam bot accounts on its platform. Specifically, Musk has requested access to Twitter’s account data so he can “conduct his own analysis.” According to the letter, Twitter had not given access to the data Musk requested and instead offered explanations of its “own testing methodologies.
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