Investment adviser Gary Black recently tweeted some raw data plus speculation regarding the ongoing potential Twitter takeover drama. In our previous article which you can find embedded later on in this story, we wrote about Elon Musk’s proposal to lower the Twitter board’s pay to $0 should he succeed in his takeover.
Musk’s tweet, that some may question the full seriousness of, was actually a response to Gary Black. Black tweeted how much of Twitter is actually owned by the board members. (It is actually a quote tweet with a tweet from Chris Bakke) This includes Jack Dorsey as being the largest shareholder on the board, but he is soon leaving said board.
Black then appears to draw speculation that perhaps the Twitter board members are potentially acting more in their own interests than the interests of the shareholders.
“The $TWTR board’s interests aren’t waligned with TWTR shareholders. The board serves to represent shareholders. If they refuse to act in the best interest of SHs, they should be removed and replaced by new board members who understand their fiduciary obligations.”
The $TWTR board’s interests aren’t waligned with TWTR shareholders. The board serves to represent shareholders. If they refuse to act in the best interest of SHs, they should be removed and replaced by new board members who understand their fiduciary obligations. https://t.co/MqsysyktkT
— Gary Black (@garyblack00) April 17, 2022
As we reported recently:
Black’s recent tweets went into much more detail.
“Let me point out something obvious: If @elonmusk takes $TWTR private, the TWTR board members don’t have jobs any more, which pays them $250K-$300K per year for what is a nice part-time job. That could explain a lot.”
“I’ve served on two public boards. On paper, the $TWTR board is weak, ex-@jack. The board likely hasn’t yet rejected @elonmusk $54/sh offer since they’re hoping to get higher bids. Directors who aren’t wealthy want to keep their $250K/yr salaries, and will resist going private.”
I’ve served on two public boards. On paper, the $TWTR board is weak, ex-@jack. The board likely hasn’t yet rejected @elonmusk $54/sh offer since they’re hoping to get higher bids. Directors who aren’t wealthy want to keep their $250K/yr salaries, and will resist going private.
— Gary Black (@garyblack00) April 17, 2022
“I’ve rarely seen a company founder rip his own hand-selected board as being dysfunctional. Speaks volumes about $twtr board. Good for @jack.”
I’ve rarely seen a company founder rip his own hand-selected board as being dysfunctional. Speaks volumes about $twtr board. Good for @jack. https://t.co/AJO4ClCk2x
— Gary Black (@garyblack00) April 18, 2022
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