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Twitter seeks to defend itself against Musk buyout bid by adopting ‘Poison Pill’

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Twitter moved Friday to defend itself against Elon Musk’s $43 billion hostile takeover bid, announcing a “poison pill” plan that would make it harder for the billionaire to get a controlling stake.

Musk’s proposed buyout faces several hazards, including possible rejection and the challenge of assembling the money, but could have significant impacts on the key social media service if consummated.

Twitter said its board unanimously adopted a so-called shareholder rights plan, also known as a “poison pill,” which kicks in if an investor buys more than 15 percent in shares without the directors’ agreement. Musk holds nine percent.

The maneuver makes it harder for a buyer to build too big of a stake without board approval, by triggering an option that allows other investors to buy more of a company’s shares at a discount.

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Twitter said the plan, which experts consider a potent tool against corporate raiders, does not prevent discussing or even agreeing to an acquisition.

Musk sent shockwaves through the tech world on Thursday with an unsolicited bid to buy the company, stating the promotion of freedom of speech on Twitter as a key motive for what he called his “best and final offer.”

The world’s richest person offered $54.20 a share, which values the social media firm at some $43 billion, in a filing with the Securities and Exchange Commission.

He has not directly addressed the poison pill, but tweeted after his bid was announced that the board would face “titanic” legal liability if it goes against the interests of shareholders in rejecting his offer.

Analyst Dan Ives predicted that the board’s move would “not be viewed positively by shareholders” given both the potential dilution of stock and the signal it sends of hostility towards being bought. He foresaw a “likely” court challenge.

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Musk has already acknowledged he was “not sure” he would succeed and refused to elaborate on a “plan B,” though in the filing he noted a rejection would make him consider selling his existing shares.

He also said he “could technically afford” the buyout while offering no information on financing, though he would likely need to borrow money or part with some of his mountain of Tesla or SpaceX shares.

Some investors had already spoken against the proposal, including businessman and Saudi Prince Alwaleed bin Talal.

Morningstar Research analysts echoed that perspective, saying, “While the board will take the Tesla CEO’s offer into consideration, we believe the probability of Twitter accepting it is likely below 50 percent.”

Twitter stock closed down nearly two percent Thursday.

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Musk’s move throws another curve into the roller-coaster ride of his volatile relationship with the global social media service, and raises many questions about what comes next.

He was offered a seat on the board but turned it down over the weekend.

Musk’s shock offer to buy Twitter drew worries — and some cheers — over putting the platform in the hands of a mercurial billionaire who advocates generally for few limits on what users can post.

He provided some detail Thursday on his vision, saying he’d like to lift the veil on the algorithm that runs on the platform, even allowing people to look through it and suggest changes.

He also reiterated his support for a more hands-off approach to policing the platform, a thorny matter particularly in high-profile cases such as Donald Trump who was banned after the assault on the US Capitol last year.

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Critics argued that free speech absolutism on social media can be very messy in the real world.

“I am frightened by the impact on society and politics if Elon Musk acquires Twitter,” tweeted Max Boot, a Washington Post columnist, on Thursday.

“He seems to believe that on social media anything goes. For democracy to survive, we need more content moderation, not less,” Boot added.

Still Musk was rallying support on Twitter, where he has over 81 million followers, for the fight ahead.

“Thanks for the support!” he tweeted in reply to a poll that overwhelming backed his bid.

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Two Americans, One Dane Win Chemistry Nobel

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The Nobel Chemistry Prize was on Wednesday awarded to a trio of chemists from the US and Denmark who laid the foundation for a more functional form of chemistry.

Americans Carolyn Bertozzi and Barry Sharpless, together with Denmark’s Morten Meldal, were honoured “for the development of click chemistry and bioorthogonal chemistry,” the jury said.

The award marks the second Nobel for 81-year-old Sharpless, who won the chemistry Nobel in 2001.

READ ALSO: Recent Winners Of The Nobel Physics Prize

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Only four other individuals have achieved the feat, including Polish-born Frenchwoman Marie Curie.

Click chemistry “is an elegant and efficient chemical reaction that is now in widespread use,” the jury said in a statement.

“Among many other uses, it is utilised in the development of pharmaceuticals, for mapping DNA and creating materials that are more fit for purpose,” it added.

“This year’s Prize in Chemistry deals with not overcomplicating matters, instead working with what is easy and simple,” Johan Aqvist, Chair of the Nobel Committee for Chemistry, said in the statement.

The trio will share the Nobel award sum of 10 million Swedish kronor ($917,500), will receive the prize from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10, the anniversary of the 1896 death of scientist Alfred Nobel who created the prizes in his last will and testament.

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Sharpless, a professor at Scripps Research in California, “started the ball rolling” and “coined the concept of click chemistry” around 2000, the jury said.

“Shortly afterwards, Morten Meldal and Barry Sharpless –- independently of each other –- presented what is now the crown jewel of click chemistry: the copper catalysed azide-alkyne cycloaddition,” the jury said.

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Meldal, 68, is a professor of chemistry at the University of Copenhagen.

Bertozzi, who is a professor at Stanford in the United States, then took it to “a new level.”

“She developed click reactions that work inside living organisms. Her bioorthogonal reactions take place without disrupting the normal chemistry of the cell,” the jury said.

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“I’m absolutely stunned, I’m sitting here and I can hardly breathe,” Bertozzi told reporters via telephone, minutes after the announcement.

Last year, the academy honoured Germany’s Benjamin List and US-British dual national David MacMillan for their development of a precise tool for molecular construction known as asymmetric organocatalysis.

On Monday, the medicine prize went to Swedish paleogeneticist Svante Paabo for his discoveries on the genomes of extinct hominins and human evolution.

Then on Tuesday, physicists Alain Aspect of France, John Clauser of the United States and Austria’s Anton Zeilinger were given the physics prize for developing experimental tools that helped prove quantum entanglement — a phenomenon Albert Einstein dismissed as “spooky action at a distance”.

The chemistry prize will be followed by the highly watched literature and peace prizes, announced on Thursday and Friday respectively.

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The peace prize is expected to hold a special significance this year given the Russian invasion of Ukraine.

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Religion

Tobi Amusan returns to Celestial Church of Christ for thanksgiving

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Many do not even know that Tobi Amusan, the iconic athlete whose basket of global victories and laurels, is overflowing and bursting at the seams, is a member of the Celestial Church of Christ Worldwide. The track queen, who was recently bestowed with the national award of Officer of the Order of Niger (O.O.N.) by President Muhammadu Buhari, is not just a member of the C.C.C. but also an active member of the choir.

Amusan’s many wins include the following: – Winner of the World Athletics Diamond League. – Gold Medalist from the World Athletics Championships 2022 in Eugene Oregon, U.S.A. – First Nigerian World Record Holder in Athletics, Eugene Oregon, U.S.A. – Triple Gold Medalist from the Commonwealth Games. – Double Gold Medalist from the African Athletics Championships.

Recently, Tobi Amusan returned to her spiritual fountain, the Celestial Church of Christ , to worship and to give thanks to God during a glorious Sunday Service

“C.C.C. Worldwide celebrates one of our own, Sister Tobi Amusan. We are very proud of you and we would not stop celebrating you. This is just the beginning. God’s glory in your life would continue to abide and multiply in the mighty name of Jesus. Amen,” SE Kayode Ajala, the head of CCC Worldwide media, wrote.

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VSE Joseph Olorunishola – Forgiven But Not Restored

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The official report of the meeting of VSE Joseph Olorunnishola and Rev. Pastor EMF Oshoffa on Thursday, September 29th, 2022.

Following a letter of apology from VSE Joseph Olorunnishola to Pastor EMF Oshoffa, a meeting was arranged for VSE Olorunnishola to apologize in person to the Spiritual Head and Pastor of Celestial Church of Christ Worldwide.

The meeting took place at the New York Parish, Brooklyn before the CCC 75th Anniversary Service of the Founding of Celestial Church of Christ on September 29th.

VSE Joseph Olorunnishola was at the meeting with five of his elders and the USA diocese was also represented by total of six elders.

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Chiefly at the meeting, presided by the Pastor EMF Oshoffa, and sitting on the high table with Pastor were the Pastor’s head of Administration Worldwide, VSE S.F. Adeniyi and the Head of USA Diocese, VSE Olaitan Balogun.

Also at the meeting were the HOD deputies
VSE Solomon Yusuf and Sup. Evg. Ayo Homer-Williams. AVSE Kehinde Akano, Sup. Evg Oluwafemi Sanyaolu, and Sup. Evg. Felix Oziegbe.

Venerable Superior Evangelist Olaitan Balogun, Head of U.S.A Diocese, C.C.C. Worldwide.

Present at the meeting with VSE Joseph Olorunnishola was; Sup. Evg. Yomi Dodo Williams, Sup Evg. Victor Adewusi, MSE Sam Adebayo, Sup. Evg .Timothy Olatokun and Sup Evg Badmus.

The meeting lasted over 4 hours.

Summary:

  1. The meeting started with an opening prayer by the Pastor EMF Oshoffa
  2. The Pastor reiterated the need for peace and oneness in the diocese
  3. VSE Joseph Olorunnishola prostrated to apologize to the Pastor and everybody in the meeting also prostrated alongside VSE Olorunnishola for total forgiveness and spirit of oneness.
  4. The Pastor asked VSE Joseph Olorunnishola to explain himself.
  5. VSE Joseph Olorunnishola stated that he did not do anything wrong as he was simply carrying out the decision made by his then Executive Council members in the infamous March 5, 2021 memorandum of 7-point demand and Declaration of Independence notably from the Pastor.
  6. Superior Evangelist Homer Williams, Superior Evangelist Akande and Superior Evangelist Oziegbe all indicated their efforts at urging VSE Joseph Olorunnishola to rescind the letter as requested by the Pastor. But VSE Olorunnishola blatantly refused and responded to each of the above peace makers with a common “over my dead body”.
  7. VSE Joseph Olorunnishola requested to still be in control of the parishes under his leadership.
  8. The Pastor then requested VSE Olorunnishola to come to Nigeria for further discussions while the Pastor will consult with the elders of the church in Nigeria.
  9. VSE Joseph Olorunnishola replied that he does not have the grace to travel to Nigeria.
  10. The Pastor then asked VSE Olorunnishola to call him when the Pastor returns back to Nigeria.
  11. Superior Evangelist Sanyaolu reiterated at the meeting that for there to be true peace and truce, VSE Joseph Olorunnishola has to withdraw all his court cases with the USA diocese because VSE Olorunnishola is not the owner of Celestial Church of Christ in America. And that the Pastor is both the Spiritual and Administrative Head of Celestial Church of Christ Worldwide as per the Constitution.
  12. The meeting ended with closing prayer by the HOD VSE Olaitan Balogun
  13. The grace said by Pastor EMF Oshoffa
  14. It was gathered that after the grace, VSE Joseph Olorunnishola while walking away then said the status quo remains of which the Pastor did not respond.
  15. VSE Joseph Olorunnishola was asked by some representatives of the diocese to take back his false conclusion of the meeting that “the status quo remains” and a small skirmish ensued.
  16. VSE Joseph Olorunnishola, in his own mind, falsely concluded that the status quo remains, which perhaps could be his primary objective for coming to the meeting and thereby creating some form of legitimacy.
  17. VSE Joseph Olorunnishola was forgiven by the pastor but not restored.
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It is our prayer that the spirit of arrogance and disobedience will be cast away in our midst. And the owner of His church will continue to uphold and strengthen His church, in Jesus mighty name. Amen!

The Publicity and Media Team of the USA Diocese stands by the veracity of this report (Zechariah 8:16-17).

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Together, we move to higher glory.

The Publicity and Media Team
CCC USA Diocese

Venerable Superior Evangelist Joseph Olorunishola.

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