{"id":433842,"date":"2022-04-18T22:23:37","date_gmt":"2022-04-18T19:23:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/twitters-sec-filing-on-musk-poison-pill-includes-another-420-pot-reference\/"},"modified":"2022-04-18T22:23:37","modified_gmt":"2022-04-18T19:23:37","slug":"twitters-sec-filing-on-musk-poison-pill-includes-another-420-pot-reference","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/twitters-sec-filing-on-musk-poison-pill-includes-another-420-pot-reference\/","title":{"rendered":"#Twitter&#8217;s SEC filing on Musk &#8216;poison pill&#8217; includes another &#8216;420&#8217; pot reference"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2780d8c9858\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2780d8c9858\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/twitters-sec-filing-on-musk-poison-pill-includes-another-420-pot-reference\/#%E2%80%9CTwitters_SEC_filing_on_Musk_%E2%80%98poison_pill_includes_another_%E2%80%98420_pot_reference%E2%80%9D\" >&#8220;Twitter&#8217;s SEC filing on Musk &#8216;poison pill&#8217; includes another &#8216;420&#8217; pot reference&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CTwitters_SEC_filing_on_Musk_%E2%80%98poison_pill_includes_another_%E2%80%98420_pot_reference%E2%80%9D\"><\/span>&#8220;Twitter&#8217;s SEC filing on Musk &#8216;poison pill&#8217; includes another &#8216;420&#8217; pot reference&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>\u2019s board of directors took its \u201chigh\u201d stakes battle with Elon Musk to another level on Monday \u2013 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earing to slip a \u201c420\u201d cannabis reference into an SEC filing detailing its \u201cpoison pill\u201d measure against the billionaire\u2019s takeover bid.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sec.report\/Document\/0001193125-22-107462\/\">Twitter\u2019s filing<\/a> included a detailed breakdown of its \u201cshareholder rights plan.\u201d The defensive tactic aims to limit Musk\u2019s ability to acquire a larger stake in the company by making discounted Twitter shares available for purchase if Musk exceeds 15% ownership \u2013 effectively diluting his position.<\/p>\n<p>According to the filing, If Musk or another shareholder were to exceed a 15% stake, other shareholders can exercise a right to pay $210 to acquire more stock in the company. <\/p>\n<p>The filing notes that stock purchased at the $210 \u201cexercise price\u201d will have \u201ca then-current market value of twice the Exercise Price\u201d \u2013 or $420.<\/p>\n<p>It\u2019s unclear whether Twitter\u2019s board intended to make the reference, which was first spotted by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/matt_levine\/status\/1516047634812833799\">Bloomberg columnist Matt Levine<\/a>. The number \u201c420\u201d has a specific significance to pot smokers \u2013 and to Musk, who has slipped the figure into his buyout proposals on more than one occasion.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">two can play this extremely dumb <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> of using 420 constantly<\/p>\n<p>\u2014 Matt Levine (@matt_levine) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/matt_levine\/status\/1516047925507510279?ref_src=twsrc%5Etfw\">April 18, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>Twitter did not immediately return The Post\u2019s request for comment on the filing.<\/p>\n<p>Last week, Musk revealed that he had offered to buy Twitter outright for roughly $43 billion, or $54.20 per share. Social media users quickly seized on the fact that the billionaire made another weed joke.<\/p>\n<p>\u201cI am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001494730\/000110465922045641\/tm2212748d1_sc13da.htm\">Musk said in a letter<\/a>\u00a0to Twitter board chairman Bret Taylor detailing the offer.<\/p>\n<p>And in the days before Musk\u2019s deal to take a seat on Twitter\u2019s board fell apart, the Tesla CEO joked about smoking pot during company meetings \u2013 posting a meme from an infamous 2018 appearance on \u201cThe Joe Rogan Experience\u201d in which he and the podcast host shared a joint.<\/p>\n<p>\u201cTwitter\u2019s next board meeting is gonna be lit,\u201d the meme said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-tusk-twitter.jpg?w=1024\" alt=\"Elon Musk's tweet and the Twitter logo\" class=\"wp-image-21944378\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-tusk-twitter.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-tusk-twitter.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-tusk-twitter.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Twitter enacted a \u201cpoison pill\u201d measure to defend against Elon Musk\u2019s takeover bid.<\/figcaption><figcaption><span class=\"credit\">Associated Press<\/span><\/figcaption><\/figure>\n<p>An earlier \u201c420\u201d reference led to legal trouble for Musk. In August 2018, the billionaire tweeted that he was \u201cconsidering taking Tesla private at $420\u201d with\u00a0\u201cfunding secured.\u201d At the time, Tesla was experiencing financial troubles that threatened to lead to bankruptcy.<\/p>\n<p>The tweet prompted the SEC to sue Musk for allegedly making false or misleading statements. In a subsequent court filing, the agency said Musk\u2019s use of \u201c$420\u201d was a weed reference meant to impress his on-and-off girlfriend, the electronic pop star Grimes.<\/p>\n<p>In a court filing last Friday, Tesla shareholders suing Musk over the tweet asserted that a judge had agreed with their claims that he had knowingly made false claims regarding the funding.<\/p>\n<p>Meanwhile, Twitter\u2019s board has yet to decide whether to accept Musk\u2019s offer. The prospect of working for the billionaire has rankled many of the social media platform\u2019s current employees.<\/p>\n<p>\u201cThe Board adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair takeover tactics,\u201d Twitter said in its filing. \u201cIn <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> terms, it works by imposing a significant penalty upon any person or group that acquires 15 percent or more of the shares of Common Stock without the approval of the Board.\u201d\u00a0<\/p>\n<p>Musk has called on the board to open the decision up to shareholders \u2013 arguing it would be \u201cutterly indefensible\u201d if company executives ignored public will in making their choice.<\/p>\n<p>Twitter\u2019s board has also faced criticism from ex-CEO Jack Dorsey, who slammed the entity for causing \u201cdysfunction\u201d at the company.\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/18\/twitters-sec-filing-on-musk-poison-pill-includes-another-420-pot-reference\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Twitter&#8217;s SEC filing on Musk &#8216;poison pill&#8217; includes another &#8216;420&#8217; pot reference&#8221; Twitter\u2019s board of directors took its \u201chigh\u201d stakes battle with Elon Musk to another level on Monday \u2013 appearing to slip a \u201c420\u201d cannabis reference into an SEC filing detailing its \u201cpoison pill\u201d measure against the billionaire\u2019s takeover bid. Twitter\u2019s filing included a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":433843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Capture2-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74898,128146,39394,70359,10401],"class_list":["post-433842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-sec","tag-4-18-22","tag-elon-musk","tag-stocks","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/433842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=433842"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/433842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/433843"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=433842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=433842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=433842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}