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Musk taunts Twitter days after buyout offer
STORY: Elon Musk took a swipe at the board of Twitter on Monday after the social media company adopted a “poison pill” to protect itself from Musk’s $43 billion cash buyout offer.Responding to a user’s post criticizing the Twitter board, Musk tweeted that the “Board salary will be $0 if my bid succeeds, so that’s [around] $3 [million] [per year] saved right there.”The Tesla and SpaceX CEO, who has been critical of Twitter’s policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.Musk, who calls himself a “free-speech absolutist”, is Twitter’s second-largest shareholder. On Thursday he made an all-cash offer to buy the social media company for $54.20 a share.Following Twitter’s adoption of the poison pill, Musk on Saturday tweeted “Love Me Tender”, an Elvis Presley song.A poison pill is a strategy designed to thwart hostile takeovers whereby other shareholders get new shares in the company, often at a discount, diluting the suitor’s stake.Meanwhile, in a series of tweet replies, Twitter co-founder and former CEO Jack Dorsey on Saturday called out the company’s board, saying “it’s consistently been the dysfunction of the company.”Dorsey’s statement was a reply to a tweet by venture capitalist Garry Tan that said: “The wrong partner on your board can literally make a billion dollars in value evaporate.”Shares of Twitter have risen roughly 15% since Musk disclosed his more than 9 percent stake on April 4.
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