Twitter Board Open to Elon Musk’s $43 Billion Bid, As Jack Dorsey Calls Company Dysfunctional
- Jack Dorsey, former Twitter CEO has called the company's board dysfunctional in a slew of Tweets on Sunday, April 17, 2O22
- According to reports Twitter's board is thinking of accepting the offer of Elon Musk in the best interest of the company and its shareholders
- Another company, Thoma Bravo also tendered an undisclosed bid to a stake in the company but stopped short of saying when
Twitter founder and ex-CEO and founder, Jack Dorsey has lashed out at the company’s board in a string of tweets on Sunday, April 17, 2022, as the group is considering a takeover bid by Tesla CEO, Elon Musk.
In response to a Twitter user who explained the incidents that happened early on the Twitter board, Dorsey called it a dysfunction.
Source: Getty Images
Dorsey is still on the board of Twitter but will resign at the end of 2022 immediately after his term expires.
According to a CNBC report, the board is considering Elon Musk’s $43 billion offer to acquire the company and take it private.
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Another bidder, Thoma Bravo is also reportedly interested in buying over the company, according to reports.
A new company presents rival bid for Twitter
Buyout firm Thoma Bravo contacted Twitter on Friday, April 16, 2022, to express interest in an acquisition offer that would compete with Elon Musk’s $43 billion bid, according to people familiar with the matter.
Thoma Bravo has more than $103 billion in assets under management as of December 2021. It informed Twitter that it is considering the idea of placing a bid.
It is not certain how much the company is prepared to pay and there is no guarantee that the competing bid will pan out.
How Twitter board outmaneuvers Elon Musk
The Twitter board adopted the poison pill approach, to ward off Elon Musk and a possible hostile takeover of the company.
According to the boars, it is considering Musk’s bid to acquire Twitter in the best interest of the company and its shareholders but would stall the ability of any person, entity or group to take over the company.
Elon Musk said on Twitter that with Dorsey leaving the firm, the board has no more shares, saying their economic interests are not aligned.
I have enough fund buy Twitter, Elon Musk, says there is a Plan B if Offer is rejected
Legit.ng has reported that after he was out bided by Vanguard Investment group in his move to buy Twitter, the world’s richest man, Elon Musk has somewhat activated his much-touted Plan B. Musk had submitted a $43bn bid to buy over the social media giant,
Twitter on Thursday, April 14, 2022, but later in the day at the TED conference recently said that he has enough funds to acquire the microblogging site and already has a Plan B handy if the board decides not to give in to his offer, Forbes report said.
The Tesla CEO said he can buy the company, stating that he has enough cash to make it happen, as doubts persist over his liquidity since it is believed that most of his money is tied up in Tesla and stocks.
Source: Legit.ng
