Posted on 04/15/2022 7:10:19 AM PDT by Red Badger
Elon Musk has warned the Twitter Board of Directors that, should they choose to turn down his offer to buy the company, “the liability they would thereby assume would be titanic in scale.”
Musk took to Twitter to discuss the crazy day that saw him make an offer to buy Twitter for over $40 billion cash and give an interview at a TED Conference where he doubled down saying it was vital to the future of civilization to have a trusted platform that offers free speech.
A report from the Wall Street Journal saying the board was discussing using a poison pill to block Musk caused Cameron Winklevoss to say: “Twitter is considering a poison pill to thwart @elonmusk’s offer.
“They would rather self-immolate than give up their censorship programs.
“This shows you how deeply committed they are to Orwellian control of the narratives and global discourse. Scary.”
Musk responded: “If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.
“The liability they would thereby assume would be titanic in scale.
“It would be utterly indefensible not to put this offer to a shareholder vote. They own the company, not the board of directors.
“Will endeavor to keep as many shareholders in privatized Twitter as allowed by law
He said at the TED Conference: “This is not about money. My strong intuitive sense is having a public platform that is maximally trusted and broadly inclusive is important to the future of civilization. The civilizational risk is decreased the more we can increase the trust of Twitter as a public platform.
“Twitter has become kind of the de facto town square, so it’s really important that people have both the reality and perception that they are able to speak freely, in the bounds of the law.
“Having a black box algorithm that promotes some things and demotes others is really dangerous,” he said of his plans to make it public if he gets control.
“A good sign as to whether there is free speech is when someone you don’t like, is allowed to say something you don’t like. If that is the case, then you have free speech,” he said.
“Twitter should match the laws of the country, and in my view there’s an obligation to do that. Going beyond that.. tweets mysteriously promoted and demoted.. this can be quite dangerous,” he said.
“I don’t care about the economics at all,” he said. “I have sufficient assets,” Musk added. “I can do it if possible.”
Asked by TED’s Chris Anderson if there was a “Plan B” if his offer is rejected Musk said, “There is.”
If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.
The liability they would thereby assume would be titanic in scale.
— Elon Musk (@elonmusk) April 14, 2022
Elon explaining his Twitter offer on TED Talk Live #tesla #elonmusk pic.twitter.com/fbKHOVXa0Z
— Tesla Nakamoto (@TeslaNakamoto) April 14, 2022
“I think it’s very important for that to be an inclusive arena for free speech… Twitter has become kind of a de facto town square.”
Elon Musk talks his plans for the social media company at a TED event in Vancouver https://t.co/zQHzqLO1vU pic.twitter.com/xkJWYBuy9E
— Bloomberg TV (@BloombergTV) April 14, 2022
Titanic? Like iceberg Titanic?
It’s interesting how we are just learning that a Saudi Prince and Vanguard are doing all they can to BLOCK Musk from achieving the buyout of a MAJOR social media site! Not to mention somewhere in the underbelly lies China!
ti·tan·ic
/tīˈtanik/
adjective
Of exceptional strength, size, or power.
"a series of titanic explosions"
If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.
The liability they would thereby assume would be titanic in scale.— Elon Musk (@elonmusk) April 14, 2022
The CEO, senior management and the Board face personal bankruptcy from lawsuits by aggrieved stockholders if they do not do their fiduciary responsibility. Yet the Left won’t concede its stranglehold on free speech easily. Suspect Soros and other leftist billionaires are establishing a contingency fund to protect the Twitter people and may be acquiring Twitter stock themselves.
They are looking and talking to Vanguard and other deep pockets to rescue them. I would not rule out Twitter announcing a time period for “other offers” while they work on the background to assemble the funds. Just my guess.
Of course, they are looking for a “White Knight”................
The Board must at least make it known they can entertain “other offers”...................
Although it’s useful to note that he made the remark on the 110th anniversary of the sinking of the SS Titanic
No doubt. Leftists consider this war and will fight to the death. There are some very powerful wealthy limo liberals out there.
Of course, the leftists have the all powerful corrupt US government on their side.
Maybe Elon likes to play those sorts of "double meaning" things.
His offer for Twitter was $54.20 a share, a curious sum. Then he made a bunch of jokes about smoking pot at the board meetings.
5(4.20).
Nothing to prevent him from filing derivative suits as a shareholder while at the same time implementing his own Plan B if/when his offer is rejected.
The market rewards stability and predictability, and Musk holding Twitter is like Sleepy Joe holding a jug of nitroglycerin.
Why would a financially driven investor buy Twitter?
Has Twitter made a profit since their start?
How could an “investment” company rationalize buying an entity that makes little to no profit for anything other than rationalizing as charity?
Wouldn’t spending 40+ Billion dollars on a company with no ROI open the investor/ buyer to massive suits from their shareholders themselves?
Velly INTEL-esting!
Twitter hears a rumble from the jungle.
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