Musk’s offer to buy Twitter is obviously creating a stir, and the conspiracy theorists are at it again. It is so bad, my office is getting calls about it.
Just today we received a call from a shareholder who wants to sue the Twitter Board of Directors for not accepting the $54 a share offer. He told me that they are not taking the offer because “they do not want to lose their jobs.”
This is the level of sophistication that is underlying this “controversy.” The Board is not approving the transaction because they don’t want to lose their jobs.
Twitter Board of Directors
Really? Let’s take a look at who is on that board:
- Bret Taylor Co-CEO, Salesforce
- Parag Agrawal CEO, Twitter
- Mimi Alemayehou Senior Vice President Mastercard
- Jack Dorsey Co-Founder, Twitter; CEO and Co-Founder, Square
- Egon Durban Co-CEO, Silver Lake
- Martha Lane FoxFounder and Chairperson, Lucky Voice Group; Former Co-Founder and Managing Director of lastminute.com; Crossbench Peer, House of Lords
- Omid Kordestani Former Executive Chairman, TwitterDr. Fei-Fei Li Professor at Stanford
- Patrick Pichette General Partner, Inovia Capital; Former Senior Vice President and Chief Financial Officer, Google
- David Rosenblatt CEO, 1stdibs.com, Inc.
- Robert Zoellick Former Chairman of the Board of Directors of AllianceBernstein Holding L.P.
Of course, each of them could “lose their job” by not being re-elected to the Board, but this list looks like a bunch of millionaires to me, and a group that is not living on the compensation from the Twitter Board of Directors.
Next Conspiracy Theory?
Next up, the Board is not approving the buyout because they are worried about all of the information Musk will find when he takes over.
That of course assumes there is dirt to find, that Musk could find such dirt and that Musk and a new Board would reveal that “dirt” and trash the stock price.
Sort of like the comments that Musk’s attempted take over is not “hostile” because he is being very polite about it.
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.