Elon Musk targets Twitter board as company adopts 'poison pill'

Continuing his tirade against the company, Musk had launched a poll on Thursday asking his 80 million followers if “taking Twitter private at $54.20 should be up to shareholders, not the board,” to which a large majority responded “Yes.”

Later, the Tesla chief executive also tweeted “Love Me Tender,” an Elvis Presley song, after Twitter opted a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15%. Musk currently has a 9.1% stake.

Meanwhile, in a series of tweet replies, co-founder and former CEO Jack Dorsey called out Twitter’s board on Saturday, saying “it’s consistently been the dysfunction of the company.”

Dorsey’s statement was a reply to a tweet by venture capitalist Garry Tan that said: “The wrong partner on your board can literally make a billion dollars in value evaporate.”

We apologize, but this video has failed to load.

Try refreshing your browser, or
tap here to see other videos from our team.

Play Video

Shares of Twitter were up about 4% at $46.85, still significantly below Musk’s offer of $54.20 per share. They have risen roughly 15% since Musk disclosed his stake on April 4.

Meanwhile, Twitter has also been informed by Thoma Bravo, a technology-focused private equity firm that had more than $103 billion in assets under management as of the end of December, that it was exploring the possibility of putting together a bid.