The excitement is great. Billionaire Tesla CEO Elon Musk has once again managed to grab everyone’s attention. With his offer to buy Twitter, he really shook up the company and the Twitter community. Now the online service Twitter has passed a resolution to prevent the takeover.
Twitter obviously sees the hostile takeover attempt and fights back. CEO Parag Agrawal already explained this to his employees. At least one major shareholder – the Saudi Arabian Prince Alwaleed bin Talal – has already openly rejected the offer.
A prominent winner of Musk’s plans could be ex-President Donald Trump, because: Musk wants to turn Twitter into a “marketplace of free speech” – without lifelong bans and an “inscrutable algorithm” that prefers individual tweets to the detriment of others. More democracy in the US and the rest of the world – that is Musk’s announcement. One consequence of this could be: Trump gets his Twitter account back.
The board of directors of the online platform wants to reduce the likelihood that “any institution, person or group” would gain control of the company by acquiring shares on the open market without paying a “reasonable” premium to all shareholders will be paid, the US company announced on Friday in the resolution.
Musk had announced the day before that after becoming a major shareholder in Twitter, he wanted to buy all remaining Twitter shares at a price of $54.20 (€49.69) each. That would correspond to a price of 41.4 billion dollars (38.2 billion euros), it was said on Thursday.
Whether the Tesla CEO can prevail will depend largely on whether he can convince Twitter shareholders of his offer. But even then, Musk could still face legal obstacles.
