It is my considered (and experienced) opinion that… Musk’s lawyers are either going to have to rein him in, or… resign. [He will ruin someone’s reputation here.]
For over 50 years, the ’34 Act’s Rule 14a-9 (and its predecessors) has deemed the failure to disclose certain information — when advocating for a vote on a specific proposal — like the one Elon filed in his Schedule 13D amendment this morning — to be a “materially misleading” solicitation, within the meaning of the rule.
Missing from Musk’s tweets are all the information about his plans, and self-interest, in the vote he advocates. Also missing is a frank and complete discussion of his other pending SEC entanglements — at least three investigations, two for insider trading of which we are aware.
This likely will be a fourth, now.
This guy is just compounding his problems at Tesla, for his own shareholders by willfully violating SEC rules, in his sh!t-posting about Twitter.
He also libeled the Saudi prince who owns a large stake in Twitter, after the Saudis came out against Elon’s proposal.
The SEC has sanctioned bidders who defame their opponents.
I could go on and on, but if Twitter’s board is in fact implementing a poison pill defense… Musk’s jig is up, anyway. For three years he will be unable to get control –unless he’s willing to pay over 100 times today’s NASDAQ price.
BTW, even he doesn’t have remotely enough money to do that.
So… it will likely all end in litigation with Musk claiming the pill was adopted in bad faith (a claim he will lose on, but probably litigate — for a year or two).
But the reason pills are used… is because they work. They stop greenmailer slimeballs — like Musk, dead in their tracks.
Stay tuned.
Man… the things I’ve seen… grin.
Hilarious — out, on the night of the Last Supper ’22…
Decided, here on Good Friday morning, that the masthead at that other property should/could be… updated.
Click the image below to see the old. This is the new:
Powerline Lies... 