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Former Twitter CEO rebukes company's board amid billionaire Elon Musk's takeover bid - YouTube
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thank you
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well the former CEO of Twitter has
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publicly criticized the company's board
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as it evaluates a takeover bid from
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billionaire Elon Musk on Sunday Jack
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Dorsey responded to a Twitter user
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describing the quote plots and coups
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that played out in the early history of
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Twitter's board by saying quote it has
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consistently been the dysfunction of the
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company Dorsey is still a member of the
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board but plans to leave once his term
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expires in May musk tweeted Saturday the
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Twitter board quote collectively owns
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almost no shares with Dorsey departing
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he also said the board's economic
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interests do not align with those of
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shareholders the Tesla and SpaceX CEO
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offered Dubai Twitter for 43 billion
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dollars last week CBS News Tech reporter
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Dan Patterson joins us now for more on
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this Dan great to see you if you get
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updated on what's going on with the Elon
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Musk Twitter board Saga we know that the
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board employed something that's known as
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a poison pill right explain what that
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means and why that at the very least is
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you know holding things off for a little
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bit yeah good to see you too Tanya
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another twist in this Saga so this
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poison pill as described is really just
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a dilution of stock or a proposed
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dilution of stock so the way it would
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work is uh the board would say if any
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one shareholder met a 15 threshold then
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they would approve other shareholders to
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buy Twitter stock at a reduced price
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this would effectively dilute Twitter
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stock and it would reduce the amount
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that the person who was trying to
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hostily take over the company uh owned
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it would reduce their percentage of
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owners but do we know if there are any
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other serious suitors out there well uh
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no one as overt as Elon Musk but we do
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know that one of the options one of the
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things that Twitter has been looking
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into are potential either co-fundors
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other companies to come in and fund
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Twitter or just take them over to fund
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the company themselves it's all very
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complicated it's almost like an episode
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of Game of Thrones right but I want to
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ask you about dorsey's expected
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departure from the board in May how is
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that expected to affect what the board
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does and what musk does well look he
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won't have as direct of an influence as
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he does now or did in the past but we
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know that Dorsey and musk are kind of
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Frenemies and that he has indirect
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influence over Twitter uh not just the
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the board and not just the company but
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the entire culture of Twitter's
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management uh Dorsey plays a bit pretty
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big role right okay so we know that Elon
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Musk has threatened to take his offer
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straight to the shareholders right over
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the head of the board and go straight to
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the shareholders can he do that number
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one and number two if the shareholders
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say hey yeah actually you know I want a
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big payout now let's go with this is the
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board powerless to stop that from
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happening no the board is not powerless
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but look uh Elon can say he wants to do
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this but he's not as liquid as he
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pretends to be in fact over the weekend
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I spoke to a couple people who said that
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he would have to sell about five percent
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of Tesla in order to get the cash he
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needs that would be a pretty big
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sacrifice on his end uh he could partner
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with some other uh Capital firms to fund
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this but it's not as direct as he makes
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it out to be Twitter has a bunch of
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options look they could negotiate with
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him they could open their books and say
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hey let's find a better price they could
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dilute it like we talked about earlier
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and they could simply find other funding
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partners and and just change the the
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finances it's interesting that point
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about him not being as liquid as he
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wants everybody to believe so of course
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sounds like a game of of Poker or
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something right like who's bluffing here
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right when's everyone going to show
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their cards well that's definitely the
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game that uh Elon plays uh nothing he
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does is direct and we should take
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everything he does and says even this
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takeover or potential takeover of
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Twitter with a grain of salt that
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fascinating stuff and I know we're going
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to keep checking in with you with each
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latest development so thank you so much
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Dan Patterson for that good to see you
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