Despite a Q&A session with employees to address concerns about Elon Musk’s offer to buy Twitter, there are rumours that the company’s board will definitely reject it.
It is unlikely that the richest man in the world expects to just walk in, throw money around and walk out with the most exciting social media platform in his pocket. Industry experts hint that we should be ready for a corporate battle.
Just hours after the bid became public, reports of an emergency board meeting leaked. According to the claims, the board was not going to sell the company. In fact, they allegedly plan to reject it while working behind the scene to avoid a hostile takeover as well.
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Stratechery’s Ben Thompson mentions a strategy like the poison pill, which floods the market with shares after an investor pays a certain amount for a stock. In this instance, there will be too many shares for one person to buy everything.
While nothing is official now except the bid, several employees complained about the all-hands meeting on Thursday. According to them, they did not get detailed explanations, and their responses were too open-ended.
One example was when a question about what would happen to employee stock options if Elon Musk successfully buys Twitter and takes it private, as he plans to. Twitter CEO Parag Agrawal only said that it was too early to speculate about such things.
Agrawal also assured employees that the board was still discussing Musk’s offer and any decision they reached would be in the interest of shareholders. Note that Jack Dorsey is still listed as a board member too.
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