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

April 16, 2022, 8:31 PM UTC

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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