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How Twitter’s Board Went From Fighting Elon Musk to Accepting Him



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Twitter’s board had reached the end of the road.It was April 24. Ten days earlier, Elon Musk, the world’s richest man, had made an unsolicited bid to buy Twitter for $54.20 a share. Alarmed by the out-of-the-blue proposal and uncertain if the offer was for real, the social media company had adopted a “poison pill,” a defensive maneuver to stop Mr. Musk from accumulating more of its shares.But by that Sunday, Twitter was running out of choices. Mr. Musk had lined up financing for his offer and was needling the company with his tweets. And after hours of discussions and reviewing Twitter’s plans and finances, the questions the 11 board members were wrestling with — could the company be worth more than $54.20 a share? would any other bidder emerge? — were all leading to one dissatisfying answer: No.Less than 24 hours later, the blockbuster $44 billion deal was announced.“What I’ll tell you is that based …

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