Elon Musk uses corporate raider-style strategy, asks shareholders to decide on his Twitter bid

Tesla chief Elon Musk has posted an opinion poll on Twitter showing his business strategy, saying the company’s shareholders will be offered his “best and final” offer to acquire the social media giant 100 percent for $54.20 a share. But should decide. cash. Using a corporate raider-style strategy, Musk took to Twitter to put the acquisition decision to a vote of all of the company’s shareholders. A corporate raider is an investor who buys a large number of shares in a corporation whose assets are undervalued. Large share purchases would give the corporate raider significant voting rights, which could be used to advance changes in company leadership and management. This will increase the share price and thus generate huge returns for the raiders. “Taking Twitter private at $54.20 should be up to the shareholders, not the board,” Musk tweeted along with the opinion poll with two options ‘yes’ and ‘no’.

This means that the shareholders make the decisions because they are the owners of the company, not the board of directors. It comes at a time when the world’s richest man made the offer in an updated 13D filing earlier today. Musk offered the “best and final” bid to buy 100 percent of Twitter for $41.39 billion for $54.20 per share in cash. Musk said in his filing, “I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe that free speech is a social imperative to a functioning democracy.” is.” “However, since making my investment, I now realize that the company will neither thrive nor meet this social imperative in its present form,” he said. In a separate tweet, Musk mentioned that he would work hard to keep as many shareholders in privatized Twitter as is allowed by law. “Will strive to have as many shareholders as possible in privatized Twitter as permitted by law,” he tweeted.

The Tesla chief also said he has a ‘plan B’ if the board of social media giant Twitter decides to decline his offer to buy the entire company, a local media outlet reported on Thursday. Twitter said on Thursday it would hold an “all-round meeting with employees” at 2 p.m. (local time) to discuss Elon Musk’s hostile bid to buy the entire company. “The Twitter Board of Directors will carefully review the proposal to determine the course of action in the best interest of the Company and all Twitter stockholders,” Twitter said in a statement. Musk’s latest move towards Twitter comes just days after he was turned down a seat on the board following the acquisition of a 9.2 percent stake in the microblogging platform.

(ANI inputs)

Read also | Twitter responds to Elon Musk’s $41 billion buyout offer

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