Twitter has announced that they will launch the “poison pill” effort to fight against Musk's attempt to purchase Twitter. This move was not in the best interest of the shareholders and could expose them to legal action.
Musk claimed he had a “Plan B,” if Twitter attempted to stifle his efforts.
As per reports, Musk may be negotiating with partners and get them to join Musk on the purchase. Therefore, if he's restricted by the number of percent he is able to purchase, he may attempt to get around that limit by having his partners purchase up to the maximum amount as well.
In the meantime, there was a report that the SEC as well as the DOJ were investigating the past actions of Musk. The timing of the report seemed to indicate an attempt to hinder Musk’s pursuit of Twitter or by discrediting Musk or dissuading him. The plan didn't succeed, as Elon is still advancing.
In the past, Musk made the point that the Twitter board has only a small amount of stock, meaning they don't have any stake in the game. He also said that they don't suffer when they make poor decisions that harm shareholders, such as refusing to accept Musk's offer of more than what the shares are currently worth. He posted on Twitter:
“Wow, with Jack departing, the Twitter board collectively owns almost no shares!” Musk tweeted. “Objectively, their economic interests are simply not aligned with shareholders.”
Musk added that an individual board member, Robert Zoellick, who has not even signed up on Twitter.
Musk has also stated that he believes the “game is rigged,” if he is not able to buy Twitter.
“If the game is fair, Elon will buy Twitter. If the game is rigged, there will be some reason why he won't be able to,” co-founder of venture capital firm Craft Ventures David Sacks said on Twitter. “We're about to find out how deep the corruption goes.”
Musk responded to the post by saying a simple “Indeed” – furthering his Twitter interactions relating to his recent attempt to purchase his social media firm.
We'll need to watch how this all plays out, and what other things they throw at Musk's direction. There's likely more to come, and I'm thinking Musk is currently playing 4D Chess.
However, Elon has demonstrated the lengths some people go in order to block speech freedom in the digital space. Thus, he's already accomplished quite a bit by shining a spotlight on the lack of confidence there is of a fair playing field and is now in a position to direct the story. If he can control the narrative, we can uncover all of the information that lives behind the scenes about the extent to which things are rigged. It's no wonder they'd battle tooth and nail to stop that from happening.