Twitter adopts plan to prevent Elon Musk from buying back all of its shares

Published on: 04/15/2022 – 20:50Modified on: 04/15/2022 – 20:51 The richest man on the planet, Elon Musk has launched an offensive to buy back Twitter in its entirety. But the board of directors of the social network with the little bird logo does not hear it that way and announced on Friday that it wanted to prevent this takeover attempt. Twitter, which is the subject of an unsolicited takeover bid by Elon Musk, announced measures on Friday (April 15) to defend itself from this offensive and prevent the Tesla boss from easily buying back his shares. The plan must “reduce the possibility that any entity, person or group will take control of Twitter by accumulating stock in the market without paying all shareholders an appropriate premium or giving the board sufficient time to make informed decisions”, specifies the group in a press release.>> To (re) see on France24.com: “Elon Musk’s raid on Twitter” This clause, nicknamed “poison pill” in financial jargon, is will be triggered if the hostile shareholder exceeds 15% of the company’s shares without the agreement of the board of directors (CA). Elon Musk holds just over 9% of the capital of Twitter at this stage. freedom of expression in the world” If he redeems enough shares to reach 15%, all the other holders of shares on the platform will be able to buy them back at a reduced price, which would greatly increase the price that the entrepreneur would have to pay to gain full control of the social network. This announcement from Twitter shows that the San Francisco-based company intends to fight against this attempt by the richest man in the world to buy it back into an unlisted company. acquisition of the social network at a price that would value it at $43.4 billion, up from around $36 billion at present. He said Thursday he had “sufficient funds”, assured that he had a plan B if the CA refused his offer, and also that he was not looking to “make money”, during a live interview at the Ted2022 conference. Highly critical of Twitter’s content moderation policy, he claims to want to make “the platform of freedom of expression in the world”, with fewer limits on what users can tweet. With AFP