Twitter board’s economic interest not aligned with holders, Musk says

The economic interests of Twitter Inc.’s board are not aligned with shareholders, Elon Musk said Saturday.

The billionaire was responding to a tweet about boardmembers’ stock holdings, saying that with the departure of Jack Dorsey, the board “collectively owns almost no shares.” 

Twitter on Friday set up a shareholder rights plan that could thwart Musk’s hostile acquisition bid. The plan is exercisable if a party acquires 15% of the stock without prior approval and seeks to ensure that anyone taking control of Twitter through open market accumulation pays all shareholders an appropriate control premium. 

Musk has been waging a social media campaign to sway public opinion in favor of his bid. The Tesla co-founder on Thursday tweeted that the board risks liability if it acted against shareholders. He has also thanked followers who voted in online polls supporting his bid. 

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