Like I don’t get it, he owns 9% of the shares, doesn’t he still need like 42% of other shareholders to vote in in as CEO? So isn’t he still subject to the will of the other shareholders? 🤔
(Disclaimer: I have no idea how this works, which is why I’m asking)
The business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter’s board responded with a “poison pill” strategy to resist a hostile takeover before unanimously accepting Musk’s buyout offer of $44 billion on April 25.
The Company isnt publicly traded anymore, so he bought the entire thing. 9% was just the start.
Thank you for stating it directly and clearly.
So the question is was this copy pasted from some needlessly verbose article, or is this a LLM “enhanced” answer?
https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
You STOLE IT from Wikipedia!?!? /s
I googled it instead of chatgpting it. Crazy I know