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Twitter adopts poison pill plan to block
Elon Musk's bid

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Posted By: Dreadnought, 4/15/2022 1:15:04 PM

Twitter on Friday said it adopted a "poison pill" plan that could block billionaire Elon Musk from significantly increasing his stake in the social media company. The counter-measure comes a day after Tesla CEO Musk unveiled a $43 billion hostile offer for Twitter. In a statement, Twitter said that the new plan will reduce the chances than any person, group or company could take control of Twitter through purchases of stock on the open market without paying "an appropriate control premium" or giving the board enough time "to make informed judgments." The plan will go into effect if any person or group buys at least 15%

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Reply 1 - Posted by: thethirdruffian 4/15/2022 1:27:08 PM (No. 1129500)
Sounds like a breach of fiduciary duties. Politics before shareholders.
24 people like this.

Reply 2 - Posted by: Rich323 4/15/2022 1:28:31 PM (No. 1129503)
Dr. Shiva in Massachusetts won a lawsuit wherein they discovered the government had a direct conduit to Twitter that decided who and what information got blocked. This finding has been covered up by the media. Dr.SHIVA’s Historic First Amendment Lawsuit to Win Back Freedom: First Case in U.S. To Show Government MADE Twitter Silence Political Speech https://vashiva.com/first-amendment-twitter-galvin-lawsuit/
8 people like this.

Reply 3 - Posted by: DVC 4/15/2022 1:41:10 PM (No. 1129512)
These fools are opening themselves up for a really serious lawsuit by shareholders.....like the largest shareholder, Mr. Musk. Let the Games Begin! My money is on Mr. Musk, far, far smarter than any of the Twits.
24 people like this.

Reply 4 - Posted by: Rumblehog 4/15/2022 1:42:47 PM (No. 1129515)
Vanguard just took a 10.3% stake in Twitter to be more than Musk. BlackRock owns 6.7%, and the dolt Saudi Prince owns 5%, so they have been the dark financial forces behind censorship and narrative control aligned with Globalists and the Demonrat Party. - If you have any Vanguard exposure through their Mutual Funds or ETFs, you might consider dumping them at the opening bell on Monday, because they just made a very stoopid move with YOUR money. For all those who bought Twitter at >$40/share are going to be hoping to sell their shares at $20 very soon. - We can also expect Musk to announce his plan to build his own social network platform ("Plan B"), which will succeed in punishing Twitter into the teen$, where it belongs.
12 people like this.

Reply 5 - Posted by: voxpopuli 4/15/2022 1:43:47 PM (No. 1129516)
i hate to give ANY credence to Motley Fool.. but.. here's why poison pills don't work.. https://www.fool.com/investing/2020/04/26/what-is-a-poison-pill-and-why-have-so-many-compani.aspx?awc=12195_1650044492_5be19a7125b3a44d383f819f4969d9fa&campaign=578983&pc_source=TheMotleyFool_Awin&utm_source=aw&utm_campaign=578983 they are typically NOT in the best interest of shareholders..
2 people like this.

Reply 6 - Posted by: RuckusTom 4/15/2022 3:11:54 PM (No. 1129589)
For those who like to keep it simple, this is a stock split (or multiple splits) - used as a defensive measure during a takeover. It's kind of like inflation where you wake up one day and find out that $100 is now only worth $10. It now takes $1000 dollars to equal your original $100. Investors in Twitter can swoop in and buy Twitter stock at a much discounted rate, or buy more shares at the current rate, thus diluting Musk's ownership percent. From what I've read, Musk has been excluded from the split, i.e. he can only have his 9% share in Twitter where other investors can buy as many as they want at the deflated split price.
0 people like this.

Reply 7 - Posted by: DVC 4/15/2022 3:14:16 PM (No. 1129594)
Re #5, yes "poison pill" moves are to keep the Board of Directors and CEO in power, rather than to help the shareholders in general. I'll be discussing whether I am in any Vanguard funds (likely) with my financial team and will do what I did two years ago with BlackRock....sell ALL of my BlackRock mutual funds and moved to other funds in the same sectors. If Vanguard is going to play politics with my money - I'll make sure that they don't have any of MY money.
11 people like this.

Reply 8 - Posted by: Right Time 4/15/2022 3:26:52 PM (No. 1129605)
SUE 'EM, ELON. Sic the lawyers on them. Take "em down!
6 people like this.

Reply 9 - Posted by: Lawsy0 4/15/2022 4:03:12 PM (No. 1129622)
Does Twitter's twits realize that Mr. Musk is an African American?
6 people like this.

Reply 10 - Posted by: bpl40 4/15/2022 4:07:28 PM (No. 1129624)
If you have publicly traded stock, I don't think you can just prohibit a single person from buying or paying the same price as others. Its like saying you can post anything on their 'platform' as long as your name isn't Trump. Lets see how far this can fly.
4 people like this.

Reply 11 - Posted by: ronniethek 4/15/2022 4:23:06 PM (No. 1129632)
This is a total screwing of the shareholders This board needs to be tossed at earliest opportunity How can the by laws permit this without a vote of shareholders? Outrageous. Thanks f in fact the by laws permit this was it disclosed on the Registration statement or amendment when this MERD of a company went public? If not - let’s see if SEC says a word.
2 people like this.

Reply 12 - Posted by: Cortillaen 4/15/2022 4:49:49 PM (No. 1129653)
I need someone to explain how this could possibly be legal. It wouldn't just dilute Musk's shares; it would necessarily dilute everyone else's shares as well and screw with the stock's value.
3 people like this.

Reply 13 - Posted by: LC Chihuahua 4/15/2022 7:45:28 PM (No. 1129745)
Is this even legal? This sounds like the equivalent of printing money. Twitter is going to be a penny stock.
2 people like this.

Reply 14 - Posted by: PeasantNumberThree 4/15/2022 9:09:23 PM (No. 1129776)
Sounds like the apocryphal quote: "We had to destroy the village in order to save it." The richest guy on Earth offers you $43 BILLION for your loser company and you won't take it because you hate free speech? Hatred often hurts the hater more than the hated... When companies implement "poison pills", it is often a sign that they are poorly managed. Looking at the market reaction to Musk's Twitter proposal, it seems the market is not sure the deal will happen, but IS sure that Twitter is "in play". So enter the dice-rollers. If worst comes to worst, Musk could always just sell ALL of his Twitter shares at once and crash the Twitter stock down where it belongs, the mid-teens, like back in 2014. This will infuriate the dice-rollers, who are particularly vengeful when misled. And of course, Vanguard, BlackRock, and the Saudi prince will be hurt as well. Let the lawsuits begin!
1 person likes this.

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