https://www.bbc.com/news/world-us-canada-61123200 It's not news and maybe someone mentioned it already, but, how effective that is gonna be, to stop Elon, thoughts ? Any examples/stories where it didn't work/had an effect ?
Why care? I don't have much respect for Musk but I welcome a counter balance to the unhinged leftist snowflake brigade. Twitter employees got hardly any work done the past two weeks. Everyone was standing around the water coolers with their handkerchiefs out to wipe their tears from the horrors of an outside investment and change of direction and pace. Gone are the 3 day work weeks and 6 hour shifts with footsie and free lunches. Must be the end of the world. Not.
Don't listen to paper Yen trader prolly still betting against the massive trend. Figures a Canuklehead tRumper. As for TWTR Musk at least shook them up, so I'd think more upside after gap fills, or especially if it doesn't.
Elon is currently shopping around for financial backers. He still has a lot of his capital tied up despite having liquidated a huge position recently. There is speculation that Apollo could potentially help bankroll him, though it is unsure if it is him or another currently interested party. Other financial backers are skeptical of backing Elon because he is a bit unpredictable. The Twitter board, assuming they are unable to secure another buyer for an equal or better price, and assuming they reject Musk offer, is looking at mounting lawsuits over breach of fiduciary duty, especially considering the entire board combined, outside of Twitters creator who will be leaving the board very soon, owns less than 1%. Their current salaries run from $200k to $300k a year. Elon has stated it will be $0 if he buys. For this reason it is likely they will look to reject his offer, and likely given their less than 1% ownership showing their interests do not align with the shareholders they will lose bigly. Gov Desantis has also just stated that Florida's state run pension fund shows they acquired Twitter stock long ago, and that he would be looking at lawsuits if they pass on Musk offer. Last, Elon has stated he would likely look at using a Tender offer, reaching out to Twitter shareholders themselves, to proxy their support and vote with his in order to take control of the company in coming days. Personally, I hope Musk gets Twitter and crushes the board. Should he lose his bid, and no buyer emerge, he could liquidate his entire position without filing and SEC interference since he owns less than 10% (which is why he bought the amount) and causing a panic sell from other shareholders insuring lawsuits.
What board of a 40Bn company owns more than 1% of the stock? that's 400mm. Most board members of public companies declare holdings of few million dollars worth. Here's tesla's board composition: https://www.barrons.com/articles/how-twitter-board-stock-ownership-compares-musk-tesla-51650304124 Take out Larry Ellison and Elon and it's less $ ownership than TWTR. I think it will be difficult to sue the board of Twitter for not taking Musk's offer seriously. He has a history of making false promises. His reputation is a negative and funding is definitely NOT secured. LIkely the bid is to avoid a potential issue with the SEC for improper filing of paperwork. And for Gov Desantis, this is just a political move.
It's not their job to speculate on Elon securing financing. One way or another he can attain the financing. He has submitted the offer and it is a legal offer. The board has a fiduciary duty to shareholders to act in the best interest of the shareholders, and a rejection of Musk offer absent any other offer would send the stock into free fall. There is no doubt they would be sued, most likely in a class action, and would lose. This is especially cemented with their enacting the poison pill option which further degrades shareholder value if someone purchases over 15%, all so they can maintain power. You mention the 2 board members of TSLA, Elon and Larry. That is 2 more than Twitter will have after Jack, who has been very vocal of the incompetence of the Twitter board, is gone in less than a year.
Dorsey is worth $7 billion, the vast majority of it tied up in stock. Musk is a libertarian free speech absolutist. Dorsey is a staunch liberal progressive who believes in a heavy handed content moderation model. Not only does Dorsey not have the financial clout to team up on this scale, but the philosophical views of both are in complete contrast. Besides, Dorsey is ready to move on from Twitter and focus on Square.