The social media company adopted a shareholder rights plan to protect itself from the billionaire’s bid
Employees at the social media firm have expressed concern about what a Musk-controlled company would look like, and frustration that details of the acquisition are still unclear.employees the company was not being “held hostage” by the takeover saga. He encouraged employees to remain focused and told them “we as employees control what happens,” Reuters reported.
Few experts are willing to speculate what will happen next, but a bidding war could be on the horizon. On Friday, Reuters reported that the buyout firm Thoma Bravo LP had contacted Twitter to express interest in making a competing offer to Musk’s bid. Shortly after Musk shared he had become the largest shareholder in Twitter, Vanguard group purchased more shares and surpassed him, now owning 10.3% of the company. Jack Dorsey, Twitter founder and former CEO, noted in a“As a public company, Twitter has always been ‘for sale’,” he said. “That’s the real issue.”
Musk is already facing legal action for his Twitter purchases, with one investor suing the Tesla executive in a potential class action lawsuit for failing to disclose his buy-up of shares before the required deadline to do so. The lawsuit comes as Musk faces a number of investigations by the Securities and Exchange Commission for his investment activities, including
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