Elon Musk seeks shareholders’ decision on his Twitter bid creating opinion poll
By MYBRANDBOOK
Tesla Chief Elon Musk has posted an opinion poll on Twitter, saying that the company shareholders should decide on his "best and final" offer to acquire 100 per cent of the social media giant with $54.20 per share in cash. "Taking Twitter private at $54.20 should be up to shareholders, not the board," Musk tweeted with the opinion poll with two options 'Yes' and 'No'. In a separate Tweet, Musk mentioned that he will try hard to keep as many shareholders in privatized Twitter as allowed by law.
Musk, who often promotes cryptocurrencies through the social media giant, has employed a corporate raider-style game plan to put the decision of acquisition on all company shareholders. Notably, in business, a corporate raid is the process of buying a large stake in a corporation. The large share purchase gives the corporate raider significant voting rights in the company. The investor then utilises the opportunity to undertake measures designed to increase the share value. Usually, the measures floated by the major investor are opposite to the desires and practices of the corporation's current management.
Notably, the tweet is significant in order to alter the current working format of the company. Currently, the boards of directors decide 'what is good; and 'what is bad for the company'. However, Musk wants shareholders to decide the 'good and bad' of the organisation, not the board of directors.
Musk said in his 13 D filing, "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed into a private company."
The "Schedule 13D" is an SEC filing that must be submitted to the US Securities and Exchange Commission within 10 days by anyone who acquires beneficial ownership of more than 5% of any class of publicly traded securities in a public company. Currently, Musk owns nearly 9% of Twitter's stake.
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