3 ms·
Regarding #2, it isn't so simple for the board, they have large institutional shareholders and sovereign wealth funds, including activist Elliot Management who
by Rastonbury 5y ago
Regarding #2, it isn't so simple for the board, they have large institutional shareholders and sovereign wealth funds, including activist Elliot Management who can sue the board if they think the board is accepting a offer too low. Elliot[1] famously sued the country of Argentina and seized one of their warships when they defaulted on their debt which Elliot owned, they're the ones who pushed for Dorsey's exit, interesting to see if they will take the offer or squeeze Musk
[1]https://qz.com/1001650/hedge-fund-billionaire-paul-singers-ruthless-strategies-include-bullying-ceos-suing-governments-and-seizing-their-navys-ships/ https://qz.com/1001650/hedge-fund-billionaire-paul-singers-r...
- zmgsabst 5y agoElliot Management had an approximately 9% stake when they went after Dorsey [1], but have since liquidated it and own (if any) a significantly smaller portion. They’re not in the top few investors, anymore. [2] The Twitter board was sued last year due to their deals with Elliot Management — and may not want to face a second, concurrent lawsuit about breach of duty. [3] [1] https://www.forbes.com/sites/abrambrown/2021/04/01/jack-dorsey-elliott-management/ https://www.forbes.com/sites/abrambrown/2021/04/01/jack-dors... [2] https://www.investopedia.com/articles/insights/060916/top-3-twitter-shareholders-twtr.asp https://www.investopedia.com/articles/insights/060916/top-3-... [3] https://www.ft.com/content/5f3dd95f-8a7c-4f39-991a-87b2bc05691c https://www.ft.com/content/5f3dd95f-8a7c-4f39-991a-87b2bc056...
- Rastonbury 5y agoAh I see, then it depends if the other shareholder think the offer is fair or not