News

Twitter hastily enacts a new rule in a desperate attempt to stop Elon Musk

The left plans hard to prevent free-speech advocate Elon Musk from attempting to put social media giant Twitter back on the path to liberty and liberty.

Musk on Thursday made his offer to buy out Twitter so he could move in and start restoring free speech:

But soon after he made his offer, the company moved to create new rules to cut the billionaire entrepreneur off at the knees.

Trend:

Democratic insiders tacitly admit that the longtime senator is in serious mental decline

On Friday, the social media giant problematic a press release stating that the company’s board of directors unanimously adopted a limited-term shareholder rights plan in direct response to Musk’s bid to buy the tech giant.

“The Rights Plan is similar to other plans adopted by public companies in similar circumstances,” Twitter said in its PR statement.

“Under the rights plan, the rights become exercisable when a company, person or group acquires beneficial ownership of 15% or more of Twitter’s outstanding common stock in a transaction not authorized by the board of directors,” the statement said. “In the event that the rights become exercisable because the triggering ownership threshold is exceeded, each right entitles its holder (except for the person, entity, or group that triggers the rights plan, whose rights expire and are unexercisable). acquire, at the then-current exercise price, additional common shares with a then-current market value of twice the exercise price of the right.”

The new rule allows Twitter shareholders to buy up cheap shares, which would dilute the dominant stake a buyer like Musk could hold.

Do you think America will be better off if Elon Musk takes over Twitter?

The message released was a long-winded way of saying that Twitter added a “poison pill” to its operating rules to prevent Musk from gaining control of the company.

“The rights plan will reduce the likelihood that any company, individual or group will gain control of Twitter through accumulation in the open market without paying all shareholders a reasonable control premium or allowing the board of directors adequate time to make informed judgments.” and to take the best interests of shareholders,” the company claimed.

The board was scared when the CEO of Tesla and SpaceX offered to buy more shares of the company for $54.20 per share, which would value the company at $41.4 billion. His offer was an 18 percent premium to the stock’s closing price on April 13.

Despite the offer, analysts have questioned how Musk would raise the money to buy it. Despite being one of the richest men in the world, $42 billion in cash is a big question.

But Musk seems willing to go the distance. He has outlined a certain vision of what Twitter should be, and he believes the social media giant’s current leadership is falling short of it.

Related:

Saudi anti-Trump prince seeks to stop Elon Musk’s hijacking of Twitter

“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 societal imperative for a functioning democracy,” Musk said in a Letter to Twitter CEO Bret Taylor. “However, since making my investment, it has been clear to me that the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.

“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before I began investing in Twitter and a premium of 38% from the day, before my investment was publicly announced. My offer is my best and final offer and if not accepted I would have to reconsider my position as a shareholder.

“Twitter has tremendous potential,” Musk said. “I’ll unlock it.”

Still, he signaled that he also has an out planned if he needs one.

“If the deal doesn’t work out, as I have no confidence in management nor believe I can drive the necessary changes in the public market, I would have to reconsider my position as a stakeholder,” he wrote.

Regardless, it seems the ball is now in Musk’s hands given the blocking maneuver that Twitter just pulled off. While he has hinted that he has a “Plan B” for this Game of Thrones drama, we’ll soon see how serious he is about correcting Twitter’s anti-Free Speech ship.

Last but not least, this episode of corporate theatrics certainly demonstrated how hard these big-tech leftist giants will fight to stifle free speech, continue to prevent conservatives from freely expressing themselves online, and control the political narrative in order to go left stay. Wing Democrats in power.

The left’s gatekeepers have been screaming for Musk’s head ever since he expressed an interest in upholding freedom of speech. Clinton agent Robert Reich, for example, was furious with Musk’s efforts, calling Musk’s goals “dangerous nonsense.”

Reich added what he thinks of our constitutional right to free speech, adding that Musk’s ideas about a free and open internet are “the dream of every dictator, strongman and demagogue.”

Then there was the wild-eyed Never Trumper and the neocon Max Boot, who revealed his inner fascist by unworldly claiming that to save liberty and democracy we must restrict free speech.

On Thursday, Boot whined that he was “scared” by Musk’s advocacy for free speech, adding, “For democracy to survive, we need more content moderation, not less.”

Finally, Twitter’s own extremist left-wing staff became apoplectic at the idea of ​​conservatives and Trump supporters being allowed to speak freely on Twitter. Many Twitter employees reportedly jumped onto their own Twitter accounts to lament Musk’s intentions.

Whatever Musk does with this Twitter drama, he has fully demonstrated that Democrats, big tech, and the left are intent on 100 percent controlling the media and the internet to weed out any ideas that could lead to the loss of their could wield political power.

And to hell with the US Constitution.

blank

https://www.westernjournal.com/twitter-hastily-enacts-new-rule-desperate-attempt-stop-elon-musk/ Twitter hastily enacts a new rule in a desperate attempt to stop Elon Musk

John Verrall

24ssports is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@24ssports.com. The content will be deleted within 24 hours.

Related Articles

Back to top button