According to my sources, the SEC/DOJ "investigation" of @ElonMusk is timed to thwart his bid for @Twitter. Normally, in the absence of a better offer, Twitter's board is effectively obligated by its fiduciary duty to shareholders to accept Musk's offer. If true, it's scandalous.
https://twitter.com/CGasparino/status/1514560918000185347
@elonmusk @Twitter (By "if true" I mean, if true that the investigation is an effort to thwart the acquisition.)
Elon has several options if the board uses the excuse of the SEC/DOJ investigation to reject his offer. For example, he can attempt to go directly to the shareholders (which, again, works in the absence of a better offer). Not sure whether he is willing to, though.
Put simply: in a normal situation, if @ElonMusk is willing put in the effort to acquire @Twitter without the board's consent, and no better offer emerges, he is likely to win. Questions are (1) how does the SEC/DOJ affect this? (2) is Elon willing to put in the effort?
@elonmusk @Twitter Twitter just announced that they've adopted a poison pill to make it hard for Elon to go hostile: prnewswire.com/news-releases/…
I've created confusion by using the word "fiduciary" above, which many have interpreted to mean that I think Twitter is legally required to accept Elon's offer. That's not the case. Twitter's board can reject the offer, but shareholders would likely side with Elon in a vote.
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