Elon Musk asks shareholders to decide on his Twitter bid

TIL Desk/Business/New Delhi/ Showing his bare-knuckle business tactics, Tesla Chief Elon Musk has posted an opinion poll on Twitter, saying that the company shareholders should decide on his “best and final” offer to acquire 100 per cent of social media giant with $54.20 per share in cash. Employing a corporate raider-style tactic, Musk took to Twitter, to put the decision of acquisition to a vote of all company shareholders.

A corporate raider is an investor who buys a large number of shares in a corporation whose assets appear to be undervalued. The large share purchase would give the corporate raider significant voting rights, which could then be used to push changes in the company’s leadership and management.

This would increase share value and thus generate a massive return for the raider. “Taking Twitter private at $54.20 should be up to shareholders, not the board,” Musk tweeted with the opinion poll with two options ‘Yes’ and ‘No’ . Implying that shareholders have to decide as they own the company, not the board of directors.