The offer had not been welcomed
Until a few days ago, Musk’s offer had not been well accepted within the Twitter board and he even began to mobilize to defend himself from the acquisition through a plan known as “poison pill”.
This strategy “will reduce the likelihood of any entity, person or group gaining control of Twitter through open market accumulation without paying all shareholders an adequate control premium or giving the board of directors enough to make informed decisions.” ” and is activated if a shareholder exceeds 15% of the company’s shares without the authorization of the board.
However, the businessman insisted on buying Twitter and a report was even released indicating that the businessman had managed to get Morgan Stanley and other financial institutions to provide some 25.5 billion in debt financing, while he promised to provide 21 billion in financing. capital.
The fight with the SEC: the origin of everything?
Before Musk made a bid for Twitter or even became a majority shareholder, SEC regulators said they had the authority to subpoena Musk regarding his tweets and how he used them to move financial markets.
From that moment, the businessman accused the Securities and Exchange Commission of censorship both through the digital tool and in appearances, since this body requested that his publications be reviewed by Tesla’s lawyers before being uploaded.
Shortly after that monitoring proposal, the businessman proposed opening his own open source social network. “Freedom of expression is essential for a democracy to work. Do you think that Twitter rigorously respects this principle? ”, He asked his followers.