The group is now tasked with evaluating a takeover bid from billionaire Musk, after Jack Dorsey criticized the company's board.
In reply to another user, who described theplots and coups that played out early in the history of the board, Dorsey replied that it was consistently been.
He responded to another person in the same thread. Good boards don't create good companies, but bad boards will kill a company every time, according to a proverb quoted by venture capitalist Fred Destin.
Dorsey responded with big facts.
When his term on the board ends in 2022, he plans to leave, but he still sits on the board.
The board is considering Musk's offer to buy the company and take it private. It is also receiving additional interest. A poison pill is a shareholder rights plan that allows shareholders to buy stock at a discount if one person or entity acquires at least 15% of the outstanding common stock. Prior to his takeover bid, Musk revealed a 9% stake in the company.
The board said the plan would not prevent it from taking a deal in the best interest of the company and its shareholders, but it would reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium.
In 2008, the company's CEO was replaced by one of his co-founding partners, but that wasn't the first time that he'd served in the role. He was the company's leader in 2015.
The board collectively owns almost no shares, according to Musk. Their economic interests are not aligned with shareholders.
When he was fired in 2008, many of his shares were taken by the company. He gave 1% of the company to employees. After Musk's 9.1% share, the largest shareholder of the company was Dorsey with about 2% of shares. Silver Lake's CEO is a board member of the micro-blogging site. The largest institutional shareholder is The Vanguard Group with a 10% stake.
A request for comment was not immediately responded to.
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