Twitter’s board of directors has given Elon Musk’s generous and definitely-not-joking offer to buy the social-media platform for $20 per share less than it was trading for just over a year ago. And do you know what? Since it’s his “best and final offer” and he, his free-speech bonafides not withstanding, will brook no further discussion over it, they’re simply going to have to decline giving him this fun new toy at a “first tweet NFT” level discount.
If Mr. Musk bought more than 15 percent of the company, Twitter would flood the market with new stock that all shareholders except Mr. Musk could buy at a discounted price…. Twitter said its plan would be in place for just shy of one year. The tool will not stop the company from holding talks with any potential buyer, and will give it more time to negotiate a deal that Twitter’s board believes best reflects the company’s value…. Twitter is weighing whether to invite bids from others, two people close to the company said.
Well, this just does not sit well at all with the author of that first tweet and, you know, of Twitter itself.
Responding to another Twitter user describing the “plots and coups” that played out early on in the history of Twitter’s board, [founder] Jack Dorsey replied, “it’s consistently been the dysfunction of the company….”
Earlier, he responded to another tweet in the same thread. It quoted venture capitalist Fred Destin citing what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Dorsey responded, “big facts.”
Huh, we wonder whether they guy who set up the company might have anything to do with all of that.
Dorsey still sits on Twitter’s board….
Anyway, if you think Dorsey’s mad, well, look at the guy who gets whatever he wants being told he can’t have what he wants this time.
Musk tweeted Saturday that, with Dorsey leaving the board, “the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.”
But the guy who wants to buy their shares for a third less than they used to be worth and isn’t interested in negotiating with them? Yea, he’s definitely got their best interests in mind. And while he’s on the subject of things he doesn’t like, you know what really gets him lathered up? When people try to hold him to account for the things he says. And not just the SEC.
Musk described it as "very annoying when that happens."
"What tends to happen is I'll make some best guess and then in five years there will be some jerk that writes some article: 'Elon said this would happen and it didn't happen! He's a liar and a fool!'" Musk said.
"These are just guesses, people shouldn't hold me to these things," he said.
Well, unfortunately, Elon, a federal judge is definitely going to hold you to one of the things you said, specifically when you said you’d secured funding to take Tesla private. And he’s also not going to take you at your word that you totally weren’t lying, given the rather low value of that word and uncertainty as to whether you know what words mean.
A judge ruled on April 1st that Musk’s tweets were “false and misleading,” and said that the court (quote) “held that he recklessly made the statements with knowledge as to their falsity.”
Twitter Counters a Musk Takeover With a Time-Tested Barrier [NYT]
Ex-CEO Dorsey criticizes Twitter board; Musk says it ‘owns almost no shares!’ [CNBC]
Musk 2018 tweets 'false and misleading' -court filing [Reuters via Yahoo!]
Elon Musk says it's 'very annoying' when journalists debunk his predictions, arguing that he's more often right than wrong [BI]
An NFT of Twitter co-founder Jack Dorsey’s first tweet has lost almost all of its $2.9 million value [CNBC]
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