Twitter Drama Takes Unexpected Turn As Musk Gets Ousted From No. 1 Spot

Twitter Drama Takes Unexpected Turn As Musk Gets Ousted From No. 1 Spot

(ReliableNews.org) – Elon Musk is no longer Twitter’s largest shareholder, less than a month after purchasing a 9.2% stake in the company. On April 14, the Wall Street Journal reported asset manager Vanguard Group disclosed it owns 82.4 million shares of Twitter, or 10.3%.

The same day the news broke Musk wasn’t the number one shareholder of the company any longer, the billionaire offered to buy it for $54.20 per share (about $43 billion). He said he wants Twitter to be a free speech town square. He gave a TED Talk where he was asked if there was a plan B just in case Twitter’s board rejects his offer. Musk coyly responded, “There is,” but refused to discuss the details.

Musk might need his plan B because Twitter responded to his offer by adopting a “poison pill” policy on Friday, April 15. In a unanimous vote, the board agreed to a plan to flood the market with new shares of the company if Musk or anyone else tried to buy more than 15% of its shares. If that happened, the other shareholders would be able to buy new shares at a discount.

What do you think about Musk’s attempts to buy Twitter?

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