Elon Musk took a shot at Twitter’s board of directors on Monday after the social media company implemented a ‘poison pill’ to defend itself from a $43 billion cash acquisition offer from its second-largest shareholder.
Musk wrote in response to a user’s post criticising the board, ‘Board salary will be $0 if my offer succeeds, so that’s $3M/year saved right there.’
Musk, a self-described ‘free speech absolutist’ who has criticised Twitter’s regulations, made no more comment on the message. A request for comment from Twitter was not immediately returned.
Continuing his rant against the corporation, Musk polled his 80 million followers on Thursday, asking if ‘taking Twitter private at $54.20 should be up to shareholders, not the board,’ to which a big majority said ‘Yes.’
Later, after Twitter chose a plan to sell shares at a discount to prevent shareholders from amassing a holding of more than 15%, Tesla’s CEO also tweeted ‘Love Me Tender,’ an Elvis Presley song. Musk presently owns 9.1% of the company.
Meanwhile, Twitter co-founder and former CEO Jack Dorsey chastised the company’s board in a series of twitter replies on Saturday, stating ‘it’s continually been the company’s dysfunction.’
‘The incorrect partner on your board may actually make a billion dollars in value evaporate,’ tweeted venture entrepreneur Garry Tan, prompting Dorsey’s comment.
Twitter’s stock was up around 4% to $46.85 per share, still well behind Musk’s offer of $54.20 per share. Since Musk declared his ownership on April 4, they have increased around 15%.
Meanwhile, Thoma Bravo, a technology-focused private equity group with over $103 billion in assets under management as of the end of December, has told Twitter that it is looking into the possibilities of putting together a proposal.
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