Musk says that the board members don't see eye to eye with shareholders.
The board of the company is not aligned with shareholders, according to the CEO.
The board collectively owns almost no shares. Musk wrote that their economic interests are not aligned with shareholders.
A user pointed out that the current board members collectively own relatively few shares of the company.
Elon Musk is in for a bad time, according to the user.
Musk is the largest individual shareholder of the company with 73 million shares. Musk walked back the news just a few days later, after it was announced that he would join the board.
Musk made an offer to buy the company for $54.20 per share, valuing it at $43 billion.
The shareholder rights plan is used by the board to avoid hostile takeovers. The tactic would work by increasing the number of shares in the market in order to reduce Musk's ownership stake in the company.
It is a defense measure by boards to increase the amount of shares and or give a discount to current shareholders so it makes it hard for a potential acquirer to go after the company.
The richest person in the world is Musk with a net worth of $251 billion.
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