.ElonMusk dominated the news cycle this week with his plans to buy Twitter. The MSM is NOT happy about it. LATEST:
The social media platform's board of directors approved a limited-duration shareholder rights plan, which will enable shareholders to"realize the full value of their investment in Twitter" and"reduce the likelihood that any entity, person, or group gains control of Twitter through open market accumulation," according to a press release Friday.
Under this new structure, if any person or entity acquires at least 15% of Twitter's stock without board approval, all other shareholders will be allowed to purchase additional shares at a discount.TWITTER CEO ASSURES EMPLOYEES MUSK OFFER ISN'T HOLDING COMPANY 'HOSTAGE' Although the board has not directly commented on whether it will accept Musk's offer, it reportedly views Musk's takeover offer as"unwelcome," according to the Information. That viewpoint seems to be confirmed by the board's decision to adopt the limited-duration shareholder rights plan. The press release does not mention Musk by name.
Musk's $41 billion offer was based on a larger view of Twitter's role in democracy, the billionaire claimed during a TED interview on Thursday."I think the risk of civilizational risk is decreased the more we can increase the trust of Twitter," Musk told TED curator Chris Anderson. He also emphasized that the purchase was not driven by economic desire and claimed to have a"Plan B" if Twitter rejected his offer but did not elaborate on that point.
The proposal has shaken up the social media market and financial setting. Fellow billionaire and entrepreneur Mark Cuban argued Musk's offer may have"opened the door" for other tech companies to"walk in for relatively 'little' money and grab huge influence at Twitter." Others, such as Saudi Arabian Prince Al Waleed bin Talal al Saud, have been resistant to allowing Musk to purchase their shares in the company.
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