The board of Twitter’s plan to prevent Musk from buying the firm out may go either way, according to Levine, because the billionaire might organise a proxy struggle with thousands of retail investors backing him in voting out the current board of directors.
Notably, Musk has previously organised a Twitter Poll titled: “Taking Twitter private at $54.20 should be up to shareholders, not the board,” with 83 percent of the 2.9 million participants voting ‘Yes,’ and the remaining 17 percent voting ‘No,’ much as he did before selling his Tesla stocks.
Musk even tweeted: “If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty. The liability they would thereby assume would be titanic in scale”.
He is aware, however, of the Board’s potential to prevent the transaction. He admitted at the Vancouver event that he might not be able to “really acquire” Twitter, but that he had a backup plan in case Twitter rejects his offer.