Musk’s Twitter Takeover: A Small Part In A Usually Boring Meeting Could Sway Everything abebrown716
witter may live to regret a past promise when investors gather for the company’s annual shareholder meeting next month, voting to possibly discard a top defense against unsolicited takeovers like the one Elon MuskThe company has put up Proposal No. 4 to a shareholders’ vote, and if investors approve it, Twitter will switch how it elects board members.
Let’s play out the scenario: Twitter’s current board sticks to its convictions about Musk and won’t sell him the company. With the existing tiered board set-up, he’d need to wait several years to establish a pro-Musk board. Why is Twitter supporting Proposal No. 4? For the company, it’s the uncomfortable outcome of another unwanted investor accumulating a persuasive stake in Twitter. In 2020, Elliott Management, the activist hedge fund, purchased roughly 4% of Twitter. It thought the stock was undervalued and didn’t like how then CEO Jack Dorsey was running the place.
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