{"id":1443468,"date":"2022-04-18T11:14:55","date_gmt":"2022-04-18T15:14:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1443468"},"modified":"2022-04-18T11:15:00","modified_gmt":"2022-04-18T15:15:00","slug":"elon-musk-twitter-board-not-representing-shareholders","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-twitter-board-not-representing-shareholders\/","title":{"rendered":"Elon Musk: Twitter Board Not Representing Shareholders"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musk-twitter-board-not-representing-shareholders%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1443468&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-elon-musk\">Elon Musk<\/a> said Saturday that the <a href=\"https:\/\/www.theepochtimes.com\/t-twitter\">Twitter<\/a> Inc. board of directors is not representing the interest of its shareholders.<\/p>\n<p>\u201cWow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders,\u201d <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1515403974802870279\">he replied<\/a> to a post showing a chart of the ownership percentages of Twitter board members.<\/p>\n<p>The chart shows most members of the board own less than 0.005 percent of the company\u2019s shares.<\/p>\n<p>Based on Twitter\u2019s <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1418091\/000114036122014049\/ny20001921x3_def14a.htm#tSOC\">latest filing<\/a> with U.S. Securities and Exchange Commission (SEC), the 14 executive officers and directors own 2.7 percent of the company\u2019s share. Of the 2.7 percent, Jack Dorsey, the CEO turned board chair owns 2.4 percent and the others own only 0.3 percent.<\/p>\n<figure id=\"attachment_4406459\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/04\/15\/20180905-Samira_Bouaou-The_Epoch_Times-0A4A9117-1200x800-1200x800.jpg\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4406459\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/04\/15\/20180905-Samira_Bouaou-The_Epoch_Times-0A4A9117-1200x800.jpg\" alt=\"Epoch Times Photo\" width=\"1200\" height=\"800\" \/><\/noscript><\/figcaption><\/a> Jack Dorsey, CEO of Twitter Inc., testifies at a hearing to examine foreign influence operations\u2019 use of social media platforms before the Intelligence Committee at the Capitol in Washington on Sept. 5, 2018. (Samira Bouaou\/The Epoch Times)<\/figure>\n<p>Dorsey, the co-founder, former CEO, and current board chair of Twitter, jumped into the discussion and indicated that the board was designed to restrict the ownership of board members when he join the board in 2008.<\/p>\n<p>\u201cWhen I was fired in 2008 and made chair, the board took most of my shares away from me. I also gave 1% of the company back to the employee pool in 2015. So ended up with very little of company,\u201d he replied.<\/p>\n<p>Dorsey announced in November 2021 that he stepped down as CEO of Twitter and will leave the board after his current term expires at the 2022 meeting of stockholders.<\/p>\n<p>The Epoch Times reached out to Twitter for comment.<\/p>\n<p>Twitter\u2019s board of directors on Friday approved a provision known in the financial world as a \u201cpoison pill\u201d to ward off Musk\u2019s potential hostile takeover after the latter announced he\u2019s intended to buy the company at the price of $43 billion.<\/p>\n<p>Under the approved provision, if any entity, person, or group acquires 15 percent or more of Twitter\u2019s outstanding stock in a transaction not approved by the board, other stockholders will be able to buy additional shares of common stock at a lower price.<\/p>\n<p>The Tesla CEO seems to be collecting more gunpowder for his bid for the controversial big tech company.<\/p>\n<p>In another separate Twitter exchange, he said it could be \u201cmore of a concern about other potential bidders\u201d instead of just him when a Twitter user labeled the poison pill by Twitter\u2019s board as \u201ccriminal negligence.\u201d<\/p>\n<p><em>Zachary Stieber contributed to the report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-ming-zhong\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/WEB_AllenZhong.jpg\" alt=\"Allen Zhong\" \/><\/a><\/p>\n<div class=\"names\">\n<p>senior writer<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Allen Zhong is a long-time writer and reporter for The Epoch Times. He joined the Epoch Media Group in 2012. His main focus is on U.S. politics.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk said Saturday that the Twitter Inc. board of directors is not representing the interest of its shareholders.\u201cWow, with Jack departing, the Twitter board collectively owns almost no shares!<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1443468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1443468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1443468"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1443468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1443468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1443468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1443468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}