twitter's board armed itself against a possible takeover after elon musk said he wants to buy twitter made a $43 billion offer and says the social media giant needs to be taken private to grow and become a platform for free speech. the twitter board is fighting back. it adopted a so-called poison pill plan that will prevent anyone from owning more than for -- a 15% stake in the company, allowing people to buy shares at a discount. musk increased his stake to 9%, making him twitter's largest shareholder. musk calls himself a free speech absolutist, opposed to any restrictions on what someone can say on social media. he's posted tweets saying he thinks twitter is headed in the wrong direction. it isn't the first time he railed against twitter, claiming it represses free speech. news of the bid set the internet on fire. among those responding, a saudi arabian investor who tweeted, saying as one of the major shareholders in twitter, he rejected a takeover bid by elon musk. he said, i don't believe the offer by elon musk, $54.20 per share, comes close to the intrinsic value of twitter give

he keeps poking at the number of shares or the volume of shares twitter's board has. you strip out jack dorsey who steps down from the board later this year, he is saying they cannot have economic interest aligned because they owned a negative -- they own a negative amount of stock. i had a few hours of free time today to crunch the numbers. these are negligible volumes of shares each board member has. most on the board are paid a salary for what is a part-time job. it ranges from 200,000 to $3000. they have negligible amount of shares. he keeps hammering home this idea, do what is in the best interest of shareholders. his may -- his main argument appears to be because they don't hold that much stock, they're not aligned with the interest. emily: they still have jack dorsey on the board who has almost a 3% stake until may. i want to continue this conversation. i am joined by andy friedman. cohead of the shareholder activism. how much does it matter twitter's board members without jack dorsey don't collectively own a large number of shares? is that unusual? andy: thank

somebody tweeted at him about the board of twitter by the way, he's leaving the board.e company he co-founded he responded with this tweet it's always been the dysfunction of the company that's jack dorsey it seems to me, unless i'm misreading something, sarah, that jack dorsey is kind of slamming the board of the company that he founded and the very board he used to sit on i find this -- i don't think i've ever seen or heard anything like this in 26 years. >> let's peel this back a little bit. we know jack dorsey likes and admires elon musk. that sounds crazy with the circumstances. it may be jack dorsey sees elon musk as somebody who would want him as an ally perhaps what he is signaling is a different maneuver or the way the board could handle him jack dorsey signaling the dysfu dysfunction means twitter is going through changes. the private activist firm pushed jack dorsey out. he resigned, but reporting suggests it was under pressure you bring in a new ceo an engineer. he is trying to grapple with the policies with the war in ukraine and a lot of misinformation. no

meant that the board collectively owns almost no. she is in twitter and therefore that and i quote their economic interest a simply not aligned with shareholders. does he have a point? absolutely. he has a point aside from jack dorsey. ready who's leaving the board in may. jack dorsey has about 2.25 percent ownership steak and twitter. the rest of that board has weigh less than one percent ownership stake. and so they don't, you know, they are fiduciary for shareholders. but in terms of, you know, actually having any skin in the game here, they have 0 skin in the game and i would also add for your viewers that proves i will lead. ready who wants to part time may have own. ready something like 5 percent of twitter are no longer does. i'm not sure what he owns at the moment. i'm not sure what, how relevant it is that he's tweeting about it is view of, of you must offer he's and he's not involved anymore. and he's not on the board, has no influence. he's not a large shareholder, so not sure why anybody would listen to him at the moment. but you know, the

it comes days after elon musk decided not to join twitter's board, and today, he spoke at a ted talk conference in vancouver. he says he is not sure if he will be able to buy twitter, but he says he has a plan b if twitter rejects the current offer. he did not say what plan b is. elon musk insisted buying twitter is not about increasing net worth. >> this is not a way to make money. my strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important, to the future of civilization. >> today, twitter's board of directors announced they will carefully review musk's offer, but according to the wall street journal, twitter is considering a poison pill. a defense tactic that would prevent musk from increasing his stake in the company. muscat is not like that. just a few hours ago, he tweeted, if the current twitter board takes actions contrary to shareholder interest, they would be breaching their fiduciary duty. the liability they would thereby assume would be titanic in scale. today, after an early surge on the news, twitter's

having a seat on twitter's board is going to help him in the long-term. yesterday, twitter's value went up bunch. tesla went up a lot less as a percentage but musk made a lot more money on tesla. his money is still in tesla and we should be thinking about it in those terms. emily: looking at these tweets today, i'm excited to share we are appointing elon to our board. it became clear to us in conversations in recent weeks that he would bring great value to our board. jack dorsey re-tweeting this and what you can imagine is a coordinated effort, saying i'm really happy elon is joining the board. they both lead with their hearts and will be an incredible team. what do you make of their wholehearted embrace of this? vid: we know jack dorsey and elon musk are good friends. they sort of think alike in a lot of ways, though certainly elon musk is a much more impetuous person then jack dorsey. but having the richest man in the world, one whose every move is attended to with such incredible attention has got to be good for any company, certainly it has been good f

package was $46.00 and a half $1000000000.00 in his bid to take over twitter. mosque still has to convince shareholders and the board of twitter to accept his offer. and i think you're up to date with a d. w business from mcdaniel winter in berlin and the rest of the dw business team . thank you very much for watching and see you next time. same time with been to the conflict zone with sebastian. russian forces have begun the 2nd phase of the war in ukraine. that ukrainian officials said they were come for them. they could hold off be offensive as the war goes on. she believes the danger arising. he's nina gustavo great granddaughter of the former soviet lead indicator crucial conflicts on on d. w with be loud, be invisible and help others with your story. every 3rd woman is a victim of gender violence. they have experienced it 1st hand in demand that you look and act stop violence against women who. ringback in 60 minutes on d, w ah, did in wide wing extremists, i suggested again world might be in coping weight and burned in south africa. people with disabilities more likely to lose their jobs. in the pandemic blac

package was $46.00 and a half $1000000000.00 in his bid to take over twitter. mosque still has to convince shareholders and the board of twitter to accept his offer. and that's it. you're up to date with a d. w business from mcdaniel winter in berlin and the rest of the dw business team . thank you very much for watching and see you next time. same time with is the end of the pandemic in site. we show what it could look like, a return to normal. and we visit those who are finding it difficult with successes in our weekly coven 19, especially over $910.00 special. next on d, w. blue. be loud. be visible and help others with your story. every 3rd woman is a victim of gender violence. they have experienced it 1st hand in demand that you look and act stop violence against women. ringback ah, in 60 minutes on d, w. ah, i in many countries, education is still a privilege. tardy is one of the main causes. some young children walk in mind troughs. instead of going to class, others can attend classes only after they finish working with millions of children, all over the world can't go to school with we ask why. and because e

at this point we saw from the press release that twitter's entire board unanimously approved the deal, but it is a subject to a shareholder vote. we are going to be hearing from shareholders in the coming days to see what their views are. emily: twitter has said it will not have an earnings call this week but will report its latest numbers. as planned. jasmine, one of the many open questions here is what kind of business model does elon musk think twitter should have? he has sort of hinted he wants to move away from the ad revenue business model. if so, what does that mean? does that mean subscription, and will that really be a profitable engine? jasmine: yeah, absolutely. speaking of unknowns, one really big unknown is what happens to twitter's ad business as a result of this deal. as you said, musk is a proponent of making twitter a subscription-based service rather than an ad supported one. the problem here is there is plenty of research that shows consumers still prefer free content in exchange for ads than subscribing, and making twitter a subscription service radically change it

is he trying to get retail investors on board with twitter as well? emily: ed, thank you. could musk team up with someone else to make a twitter dream a reality? bloomberg intelligence adjust musk will partner with oracle and a private equity that includes to combat the poison pill bar raising the bid to about $50 billion. the wall street journal is reporting apollo global is also considering joining in. max, joins us now. if elon looks wants to do this, what does he have to pull off, what does he have to pull together in this moment? max: you have a couple of issues. one of which is elon musk has a huge twitter following. he is able to move market spared on the other hand, in order to pull together some sort of consortium you have to convince a bunch of other rich guys, larry ellison or whoever, that they will have to sign up for this wild ride. one of the ways that elon musk has distinct wished himself is buying the most risk happy of anyone. so it is a little bit hard to imagine who comes together and that consortium and if they're willing to go for it. emily: as someon

and in the end, the board of twitter to accept his offer. and as always, james sweeney is watching the view from wall street for us. james, the experts were skeptical to put it lightly. that must could actually get together the money to pay for this. tell us more about how he managed to do it. well honestly it looks like the skepticism is done because according to the latest filing with the a, c, c must, has the money at the receiving commitments for $46.00 and a half $1000000000.00. the finance this deal. and you said, where did he get this money from? well, here's a bit of a breakdown. first. he said he's committed to about $21000000000.00 in equity financing. he's covering that himself, while musket secured about 25 and a half 1000000 in debt. in financing through morgan's family, senior funding and other firms, that of which is broken down into 12 and a half 1000000000 and loans by most and 13000000000 and other debt tied to twitter . so now the bit is in the money is there, and it will be interesting to see how and if twitter bites, as

twitter. cincy didn't join the board on april. 12th a twitter shareholder sued musk for breaking sec rules in his initial purchase and april 14th, musk announced his intention to buy twitter outright. >> so there we have it. and now we just kind of wait to see what happens next. but based on what we have seen so far, we'll probably find out what happens next in a tweet. and that's probably just the way elon wants it. catherine and ken, back to you. thank you. grant. >> the man wanted for the shooting on a brooklyn subway train made his first court appearance today. 62 year-old frank james ordered to be held without bail. prosecutors say he terrified the entire city. james was arrested yesterday after being spotted by bystanders in manhattan's east village. moments before that, police say a man claiming to be james called crime stoppers from mcdonnell's 2 turn himself in. when officers arrived, the man was gone. that drove around the neighborhood looking for him. bystanders told police that he was down the block. >> i mean, what is that guy? i want to be have bag and he's he was woken like thi

twitter. cincy didn't join the board on april. 12th a twitter shareholder sued musk for breaking sec rules in his initial purchase and april 14th, musk announced his intention to buy twitter outright. >> alright, illuminating timeline for us. the air. that was our grant lotus reporting. now the public is still waiting to see what happens next. coming up, tributes to judge ketanji brown jackson are popping up around the world. what an artist has to say about and mural. that's in the works right now in washington, d.c.. will be right back after the break. meet a future mom, a first-time mom and a seasoned pro. this mom's one step closer to their new mini-van! yeah, you'll get used to it. this mom's depositing money with tools on-hand. cha ching. and this mom, well, she's setting an appointment here, so her son can get set up there and start his own financial journey. that's because these moms all have chase. smart bankers. convenient tools. one bank with the power of both. chase. make more of what's yours. >> in washington and artists is creating a huge mural to pay tribute to judge ketanji bro

. >> for twitter's board this becomes a nightmare situation with the richest person in the world now looking to buy twitter. >> reporter: musk is a popular contributor with more than 81 million followers. he's also one of its biggest critics often speaking out against twitter rules there restrict certain tweets such as the ones that got former president donald trump banned fom the site. >> twitter has become the de facto town square. so it's really important that people have both the reality and the perception that they're able to speak freely within the bounds of the law. >> reporter: this morning conservatives are applauding musk. senator marsha blackburn writing, twitter's censors are freaking out about elon musk because they can't buy his silence. it's clear big tech can't handle people with a different viewpoint. musk calls the $43 billion his final offer. experts say if twitter's board resqueaks his offer, musk could dump some or all of the 9% stake he currently holds in the company. >> musk could decide to just cut and run. i mean the stock could go down 30%, 40%. this forces t

and now the board is unanimously accepting his offer to take twitter private, 54.20 the stock just below that level. it's actually below $52 per share. let's bring in cnbc's leslie picker for more on what we know about shareholders in this equation clearly the board was feeling some pressure to get this deal done. >> the board was feeling pressure because elon musk was able to demonstrate that he did have committed financing to funding the deal before that it was just talk after you have financing then there is a series of protocols that you have to take, according to delaware law, in order to showcase that you've really studied the bid and are doing what's best for shareholders the question of whether another bidder will come in, i think the market doesn't expect a higher bid because it's not even trading at $54.20 a share. there's still a spread between where this deal is taking place so that's something to watch as well that spread should narrow as it gets closer and the approvals take place and there's more certainly as to the deal closing. but i think the market is saying right now

he can do that to twitter shareholders and bypass the board. >> that is absolutely correct. o purchase a controlling share of twitter may be the most fascinating political story in recent memory. what former twitter founder, jack dorsey is saying the twitter board has a track record of not acting in shareholder's best interest. when you have a whale like elon musk, basically offering shareholders 50% value in their shares and the board rejects it, moves towards a poison pill, one has to question whether or not the twitter board is acting in the fiduciary interest of their shareholders around that is yet to be seen. elizabeth: musk is saying they're not. he is tweeting that the economic interests of twitter's board is not aligned with investors or shareholders and he is saying, if he takes over twitter, he will zero out their salary. like you to listen to charlie hurt on this. let's listen to what charlie hurt had to say. >> why did they get into the news business in the first place if they don't believe in free speech? what is it that drives them? at the end of the day it rem

the next day it was announced he would join the twitter board of directors. hen learned he delayed in reporting his new stake in twitter and concerns that employees had on musk's involvement and the effect he would have on the committee. then he twittered that is that he tweeted that twitter is dying and with jeff bezos turning it into a homeless shelter. we will dive into all of this. the first angle is why m usk might have rejected the offer on the board. joining me is john coffee of columbia law school. what an extraordinary story to be unfolding. i'm interested in what you think is behind all of this. what is initially the rejection about? john: on one level this looks like dÉjÀ vu all over again. elon being elon. he did this at tesla when he thunderously disclosed he had offered to take the company private, which saudi arabia was standing behind. the sec sued and he agreed that he put in the general counsel of the company, the intermediary between him in any public statement about the company. he has never been happy with that and never really obey that.

he even tweeted last week, twitter's next board meeting is going to be lit. t last night, the twitter ceo has announced musk has changed his mind. what is going on and should twitter users care? joining me now is our next guest to discuss the latest drama on the world -- one of the world's most controversial people. >> i think that sums it up quite well. kristen: tell us what happen here, joining the board, not joining the board. >> the day after we found out elon musk had a 9.2% stake in twitter, the twitter ceo tweeted he would be joining the board, then we found out over the weekend that elon musk would no longer be joining the board. the reasons why were not necessarily disclosed. the twitter ceo said it was for the best. now people are wondering what's going on. elon musk was going to have an ama with twitter employees. employee has had mixed feelings about them having a stake in the board. the questions of people -- that people were going to ask her not going to be answered. it is still a mystery why he is not going to be on the board. kristen: he certai

and testers here a long must will not join twitters board of directors. according to the social network mosque has bought a 9.2 percent stake in the company over the weekend. he sent several tweets, suggesting major changes to how twitter operates, but as decided not to sit on the board. let's get more on this from our financial correspondent in new york yen quarter yan. so we got any idea of why musk would choose not to join the board, twitter. rob, clearly quite a turn of events. i mean a, just a week ago that we learned about the 9.2 percent stake then last week, tuesday was when we learned that mosque actually tries to play an active role and become a board member. and now over the weekend to decided them. otherwise, even if there is no official wording on the motors of law must clearly there was a lot of speculation. if you might have one to take over the entire company of a twitter. as a board member, he only would have been allowed to own a 14.9 percent is taken the company. now that is not in the board. you can pretty much do what you want them if

of course there are the reports that the twitter board is considering a poison pill to protect against musk and reports about the resistance of the board considering that they have a new ceo and they want to give him a shot before accepting this deal. >> such a saga thank you. leslie, what would a poisoned pill mean? what should we anticipate? >> poison pill is activist defense 101. you would -- it will be in a shareholder rights agreement but it's known as a poison pill. basically what it does is it dilutes from anyone else to take a great every stake in the company. it would prevent musk from being able to take more because the shareholder would be diluted if he did so. it's a way to defend the company. it is not surprising they consider this. it is clear based on reporting that they don't necessarily want to be acquired by musk that said, he says that he -- could he buy it? i think he can afford it there are solutions to be able to purchase but the mechanism with a poison pill in place makes it more difficult. >> phil, a question raised is how could this impact tesla. you are famili

and reminder of all top stories twitters board has unanimously decided to sell. the complaints must going to deal with around $44000000000.00. if it goes through, shareholders will be paid more than $54.00 per share. gabriel alexander has moved from new york. well, essentially, even mosque came up with the financing. that's what happened. i mean, it was 10 days ago. he made an all cash offer.

you mentioned the poison pill that the board and put in place even mosque was not what twitter had wanted the board at twitter rather and wanted originally as their owner. but it seems like the winds have changed, especially with milan, mosques, ability to raise the kind of money that he had promised to raise to buy twitter. but again, this really is momentous news. and i was this free speech absolutist and likely to change twitter. and that is a big question that everyone is asking when. if you look at the messaging that we've seen from eli mosque on twitter itself because he himself is an active member on twitter. he tweets quite often. he believes that twitter needs to be a batch and for free speech, he believes that currently the weight of the companies run means that content moderators go way too far, that they have too much power in deciding what makes it onto the platform. he wants to open up twitter more for what he calls important free speech again, and in the regulatory filing. when he announced this on twitter, he said that he believed twitter to be the potential or rather to b

mike, i know you haven't been on the twitter board for about ten years or so. nsider here, i'm curious how you perceive musk's move now to not join the board and whether that's worse for twitter? >> well, thanks for having me, sara you know, i would say that this is still a great thing for twitter. you know, i mean, having your largest shareholder be one of your very best users, that's a very healthy thing it's a great thing for twitter still. whether he's on the board or not, he's still going to have just as much of an impact on both twitter as well as the product. >> that's a great thing for twitter, julia what do you think? his tweets are not so friendly about twitter. >> well, look, i think we have to acknowledge something that the ceo said in the tweet when he announced the news that musk was not joining the board, that they have to be aware of distractions and have to keep working despite those many distractions there is no doubt what is going on right now is a major distraction, not only for the people working at the company but also potential for investo

musk was officially to join the board saturday but late last night twitter ceo parag agarwal used the platform to announce that musk has decided not to join our board and we will remain open to his input but i believe this is for the best. a frequent critic of twitter, musk over the last few days included asking his 81-plus million followers, is twitter dying? and he also floated whether twitter's headquarters should be turned into a homeless shelter. okay, so he's sitting there right and left, right? he's since deleted those tweets. last week twitter popped about $ 50 a share on hopes musk might offer changes that would unlock shareholder value, but analysts believe musk rejected the board seat after realizing the role would have capped his stake in the company at 14.9%, hence hindering his ability to implement real change where he has felt it's needed. the newly-merged warner brothers discovery is on the move and it is down 2% after moving higher earlier. it began trading today under its new ticker symbol wvd. the new company combines discovery's cable networks including tlc, hgtv a

twitter, raising speculation over what's next. i think probably nobody knows. let's ask kriti: when the headlines came out that he wasn't going to join the board, twitter shares droppedthe remark it as much is 5% this morning. the idea is we will not have elon musk to make twitter more profitable with the many ideas he's been leading for full then you saw this complete reversal. matt: it was a narrative change. maybe he's not taking the board change in order to buy the company. kriti: the stock skyrocketed now you're looking at 3% gains. even when the news was that he was not joining the board, twitter shares had risen 27%. he might be looking at an active stake as well as his passive state. the issue is what this means when it comes to filings and the sec specifically. one of the conditions of the board seat was that if he took the board seat, he could not give up 14.9% of his stake. the idea here is that if he's on the board, maybe he's looking for a full acquisition or more shares. matt: let me throw this one out there. do you think elon musk has this planned out? . jon: he moves fast and furious so i would say no step when you talk about an influential investor,

the next day it was announced he would join the twitter board of directors. hen learned he was delayed in reporting his new stake in twitter and concerns that the sec might start looking around. and then over the weekend he had been tweeting about twitter dying and tweeted to jeff bezos about turning twitter headquarters into a homeless shelter. on sunday night we learned from the twitter ceo musk will not be joining the board after a left are some pretty bad jokes on twitter by elon musk. the first angle we are going to look at is why musk may have rejected the offer. joining me is a professor from columbia law school. what an extraordinary story to be unfolding. i'm interested in what you think is behind this. what is initially the rejection about? john: on one level, this looks like deja vu all over again. elon being elon. he did this at tesla when he thunderously disclosed he had offered to take the company private, which saudi arabia was standing behind. when the sec sued, he agreed he put in the general counsel of the company, the intermediary between hi

some point. >>> good morning a 180 from elon musk one week after we learn head was joining the board of twitterning the board. >>> another chinese mega city tightening covid restrictions on just a few dozen cases reportedly dr. scott gottlieb will join us live. >>> and is it time to go pc? in this case it means price controls with prices surging, we'll have a debate with a couple of heavy hitters. the second hour of "squawk box" begins right now ♪ >>> good morning welcome to "squawk box" on cnbc. we're leave at the nasdaq times square site. i'm andrew ross sorkin along with becky quick and joe kernen. we're going to talk market inflation. we have our former s.e.c. chair jake claden who's going to be joining us as well u.s. equity, red on the screen, off by 25 points, nasdaq off by 105 points the treasure yeah yields as we watch to see whether it's in standings. we're looking at the ten-year. 2.759. the 2-year, 2.580. some other zbik stories, twitter shares, they're lower this morning. that's on the become of some news that elon musk has now decided, he seas, not to join the board of twitter the

if you might have one to take over the entire company of a twitter. as a board member, he only would have been allowed to own of 14.9 percent is taken the company. now that is not in the board, you can pretty much do what you want them if you put the money on the table. so at least that's some of the speculation you want street. that's interesting. so was the verdict on whether or not this is a positive or negative move for the social network or up definitely, it's at least not boring to work at twitter in the states. my guess, i mean they have been some reports that not everybody is so happy about in the back and forth. some of the largest shareholder, what ill on my skin still is and he will try and play an active role. i mean, over the weekend t bombarded the twitter network with ideas, for example, maybe to stop selling at, in the future that it's hard to imagine because that's basically all where the money comes from with a twitter. he also, but that was a joke, hinted that maybe twitter should move the headquarter to a homeless shelter as nobody really wor

the twitter board's duty is breached if they act against shareholder interest. commenting on a possibility that the board could use a method known as the poison pill took expunged -- pill to expunge control such as elon musk. currently he is using the platform saying if the current board takes action contrary to shareholder interest, they would be breaching their fiduciary duty and the liability they assume would thereby be titanic in scale. the board previously has been evaluating the offeror. we understand the twitter ceo is having a meeting with the staff , saying they are evaluating the offer coming from elon musk. we are going to weave all of this into our crypto report. we keep on discussing how and when the platform could evolve if elon musk's intervention could add more cryptocurrency impact within twitter's space and take it open-source in terms of its algorithm. what would that look like? let's bring in our next guest. nader al-naji is with us, the creator of the deso foundation, a layer one blockchain built for the purpose of scaling decentralized appl

down 7% should investors keep mining the metals we will dig in elon musk has big gripes at the twitter board claiming they're not investing in the company, don't seem to use the product much and get paid a lot of money. is he just mad twitter is not embracing his offer, or does he have a point we'll debate that. later the birdflu spreading to 31 states infecting 27 million chickens and turkeys on farms, egg and poultry prices spiking the stocks impacted. we start off with the countdown. netflix set to kick off the parade in just under 24 hours. the stock is flirting with its lowest levels in two years and it's not the only tech name stru struggling look at the performance of the big names in the market just this month microsoft down 9%. alphabet down more than 8% the high growth, high multiple stocks, sofi, robinhood, carvana dropping double interest rates is this trade just about to completely crumble, dan? specifically we're talking big cap tech are we going to see that shoe drop >> i think you have to differentiate between a company like netflix, get tech earnings off. obviously a pandemi

we just got word twitter's board will meet in about 30 minutes to consider this offer. it's hard to tell when he's being serious and that's the first thing the twitter board has to figure out. he did file it with the s.e.c. >> this is elon musk. was this previously planned or as a result? >> i won't call it an emergency meeting but a suddenly schedules meeting. >>> 6:33. happening later this morning san francisco supervisors shine the light on crime fighting efforts and police staffing levels. members of the aapi community call for more action to reduce anti-asian crime. "today in the bay's" cierra johnson joins us live with a little more detail on this. cierra? >> reporter: the meeting kicks off in a couple more hours. it will discuss the current staffing situation with the board of supervisors in sfpd meeting at city hall. these are some of the talking points that will be discussed during that meeting. the committee will hear a report on staffing levels and recruitment at the police department and will be updates on crime targeting the aapi community. that meeting beg

at that point, twitter's board started to take elon musk much more seriously. on musk to take twitter private is very much in the cards. ross: he tweeted that he wants his critics to be online. all the platforms no never restrict freedom of speech it's not always due to this information or misbehavior. the seats plane how he's going to approach this differently? james: we don't know how he is going to moderate the platform at all. if you look at the platforms that are completely free speech, for chan, telegram, there's a reason financially why twitter does moderate. it doesn't want to become a poisonous, hateful place. there are reasons to do this and it' really not clear how elon musk is going to moderate twitter. what we do know is that he very much claims to be a free-speech fundamentalist. i would be shocked if donald trump does not go back onto twitter. many others who have been banned on twitter will make an entrance too. many in america are incredibly excited about this move. i just spoke to at twitter employee who said he is quitting twitter. this is goi

makes hybrid work, work better. >>> the attempt by elon musk to take over twitter has stalled for now. the company's boardt's called a poison pill, which would make it harder for musk to buy twitter. >> the provision allows twitter shareholders to acquire more shares of the company at a cheaper price if musk or any other investor owns more than 15% of the company's shares. cnn's chief media correspondent brian stelter joining us now. hi there, brian. great to see you. so what does this mean this poison pill for musk's ambitions? >> well, happy easter. this is not a very calm weekend for the bankers that stand to make a lot of money from this deal. they are working very actively as is the twitter board of directors. and as for elon musk i don't think we ever really know what his next step is, that he is famously unpredictable, he may double down, triple down on his plan, do whatever it takes to buy twitter or he might just move onto the next thing and find some other toy to play with. that is what makes him so combustible and unpredictable and so beloved by his fans and so criticized by other detractors. b

this past weekend, he decided against joining twitter's board. res of twitter trading about 34% higher right now, at this point, it's hovering right around 2% higher. the twitter board is meeting right now to discuss the offer. this morning , a car crash right into a coffee shop in santa rosa ktvu. semantic quintana is there at the scene right now, with the details. on this one. amanda. good morning. good morning. this is a bad ask coffee. you can see here that it has been cleaned up . the glass has been cleaned up . there is caution tape up now in the car is no longer inside. but i want to give you a look at what it looked like early this morning, santa rosa police. they sent out pictures of that car inside. they responded around 1 30 this morning now inside this coffee shop was that car and the driver was trapped inside the crushed car. firefighters had to use hydraulic tools to get that man out, and he was taken to the hospital by the looks of that car. the coffee shop owner here says the driver is lucky to be alive. the car was just destroyed.

it does seem like one of the key factors to change the game, putting it back over to twitter's board of directors to come up with perhaps a better offer and if not, come to some kind of agreement. kriti: one of the big questions is what are the values of the share price? we are one dollar away from the buyout price that elon musk really wanted. let's bring in a securities managing director. thank you for joining us. i am very curious about what has changed over the weekend to have twitter consider this offer? >> thanks for having me. i think it is really just the financing that's the biggest factor that changed over the last couple of days. with elon musk getting together some debt and equity. his tesla results last week were positive which gave him a little bit more firepower in terms of his equity offering. and there is a pretty good offer on the table for twitter. the other thing likely playing a factor is the macro right now. we saw snap reporting last week. the outlook was not favorable. there were concerns. we will get more from the digital advertising world this week. my guess

it shows twitter board preferring an easy gig that gives them shares over making twitter investors happy. what does musk have to do to win this fight >> it's taking me back to the corporate raiders of the '80s, including the poison pill tactic it's really fascinating. it's where you know of the most exciting stories in a while. we're in this projected battle where twitter is gambling, they could deploy this technique and make it much more difficult for elon to buy enough shares to do take over of the country what elon is doing is filling out if he can find some other partnner who is have significan amount of capital to team up and take over together he hasthe money, he says, a lo of his assets -- >> he said >> right a will the of his assets are tied up in stock >> former twitter ceo and board member jack dorsey speaking out. he wrote as a public company, twitter has always been for sale that's the real issue. what does he mean by that? >> i think it's interesting. he is sort of pursued this path of really a thousand bit coin lately and this idea that the people own their own sort of twee

twitter's ceo made the announcement last night on the social media platform. he said musk's appointment was supposed to become official on saturday, but musk told them that morning he would not join the boardame the largest shareholder of the company after buying a 9.2% stake in twitter. musk has not officially responded, but after the announcement he tweeted an emoji with a hand over its mouth. it has since been deleted. >>> jetblue says it's trimming its summer schedule to avoid disruptions as the airline concentrates on rehiring personnel. according to multiple reports, jetblue already reduced its flight schedule by up to 10% in may. it's expected to do the same for the rest of the summer. the company says that despite hiring more than 3,000 new crew members this year, it still needs additional staff to keep up with travel demand. >>> and "sonic the hedgehog 2" barrelled its way to the top of the weekend box office. >> i discovered the source of ultimate power. >> we need to get it back or the world is doomed. >> the sequel which brings back actors james marsden and jim carrey raked in an estimated $91 million this weekend. that's 22% more than the opening weekend numbers from the origi

. >>> next tonight, twitter's board of >>> and next, twitter's board of directors trying to block elon musk's $43 billion bid. members agreeing on a poison pill strategy that could slow or prevent a corporate takeover like the one musk proposed. but as kaylee hartung tells us, >> reporter: tonight, after elon musk's bid to take over twitter, the company's board fighting back with a corporate defense tactic known as a poison pill. if musk or anyone else acquires 15% or more of the social media platform, twitter will allow other existing shareholders to buy additional shares at a discount. just last week, musk disclosing that he now owns more than 9% of the company, making him one of the largest shareholders. >> it puts a blockade up for musk if he wants to go down the corporate raider route, to ultimately limit his ability to build shares. >> reporter: it's twitter's latest move to box out the world's wealthiest man. last week they offered him a seat on their board. when he found out he wouldn't be allowed to publicly criticize the company, he turned it down. >> twitter has become kind

on friday, twitter's board voted to counter the takeover bid by billionaire elon musk with a shareholderhe board to issue new shares right and at a discount. then the acquiring party is excluded from that, and their share gets diluted, grow