Twitter's board of directors didn't have much choice amid Elon Musk's bid to take control of the social media platform — which also explains why the deal happened so quickly.
"What I’ll tell you is that, based on the analysis and the perception of risk, certainty and value, the board unanimously decided the offer from Elon represented the best value for our shareholders," Twitter chairman Bret Taylor told thousands of Twitter employees on Monday.
According to The New York Times, "alarmed by the out-of-the-blue proposal and uncertain if the offer was for real, the social media company had adopted a 'poison pill,' a defensive maneuver to stop Mr. Musk from accumulating more of its shares."
However, Twitter realized they were "running out of choices" in the face of Musk's offer, which appeared more and more unavoidable because of its initial generosity and Musk's unwillingness to negotiate the price further.
This pushed the board into a corner, as they had a fiduciary duty to act in a manner that would best benefit the company, and, more importantly, its shareholders.
As of publication, both Musk and Twitter board members have refused to comment further on the matter.
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