LOL, the Board chose to make every shareholder bleed!
Changing shareholder rights...they are capping single ownership stakes to 15% while allowing current owners a discount on new purchases to that limit...which in the end will expand shares owned (the denominator) and diluting the strength of the those shares (the individual numerator)...
https://www.zerohedge.com/markets/twitter-board-adopts-poison-pill-thwart-musk-takeover-exposing-itself-titanic-legalThis is going to piss off a lot of shareholders...these "poison pills" are not as popular as they used to be...they are generally (and often quite accurately) seen as a desperate move by a Board and Executives not wanting to yield control...rather than something done to protect a thriving enterprise. And Twitter is hardly a thriving enterprise...they have piss poor cash flow and if they think going in hock to fund an alternative insider-led buyout scheme is going to please the rest of the shareholders they're nuts, unless the rest of the shareholders are morons, majority of them morons.
Plus, as the article alludes to, it does not impede Musk from keeping a purchase in play with or with or without partners...and the Board's poison pill does elevate the prospects for proxy vote scenarios involving Musk and supporters as well as individual proxy battles from any quarter...basically, Musk is spot on when he Tweeted:
"If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty. The liability they would thereby assume would be titanic in scale."
And Mark Cuban highlights one possible partner for Elon and then makes a "never-would-happen/would-suicide-Twitter" (think "Twentieth Century Motor Company"):
"Want to see the whole world lose their sh*t ? Get Peter Thiel to partner with Elon and raise the bid for Twitter""And of course a decentralized group of supporters for "the current thing" will create a DAO to buy Twitter. Token holders will get to vote on what's trending and who gets verified. Ok I'll stop now 😁
" Twitter, run by a digital autonomous org...block-chained flat hierarchy and all!
Meanwhile, the benefits of gagging voices of reason and letting the batshyt-effing-crazy-violent-racist-terrorists free reign keeps bearing bitter harvests...
https://justthenews.com/government/security/big-tech-didnt-touch-years-threats-racist-statements-new-york-terrorism-suspectAnd on Easter weekend...the NYT incites violence against God...
https://www.breitbart.com/faith/2022/04/15/new-york-times-op-ed-on-holy-weekend-lets-get-rid-of-god-really/Destroying the wicked as never been more needed than now...