The most interesting information released since Elon Musk announced his bid to take over Twitter is that the board of directors for the social media company is making a collective $3 million annually. If Musk took over, their pay would be cut to zero.
That alone seemed like it would sabotage the deal, but some influential stockholders are raising their voices about their desire to see Musk’s offer go through, and reports say Twitter execs are actually keeping an open mind.
Musk and Twitter reps met in person on Sunday to discuss his $43 billion proposal, and what accelerated the talks was that Musk announced he had the financial backing to pull the deal off.
What about that limited-duration shareholders’ rights plan? Aka, the “poison pill” that was supposed to halt the offer before it got started? A report in the Wall Street Journal said execs are re-examining the bid and are more likely to try and negotiate with Musk. One thing Twitter reportedly is in the process of doing is figuring out what its value is. They are set to report quarterly earnings later in the week, and the Musk bid is expected to be discussed in the earnings call.
A number of shareholders have forcibly let their opinion be known that they believe the Musk offer is a good one, and Musk said that the company would have no shot of getting their stock price to the $54.20 per share he is offering in his proposal.
Expect an exciting week of news and fireworks on this story, as Twitter has suddenly become interesting for non-trolls and media members for the first time in years.
Add comment