Bluesky funding to be reviewed if Twitter owners change: Jack Dorsey
Funding for the Bluesky initiative would need to be re-assessed if ownership of Twitter Inc. changed, Jack Dorsey, founder of the social-media company, said in tweet.
“Twitter doesn’t own it,” Dorsey wrote in response to a comment about Bluesky. Still, “Funding would need to be reassessed.”
Progress on Bluesky has been slow, he said. The initiative is aimed at developing a protocol to enable multiple social networks to interact.
Elon Musk earlier this week launched a $43 billion hostile takeover bid for Twitter. The company responded by adopting a so-called “poison pill” provision to help ward off the proposal.
(AFP) Even for the richest person on the planet, buying Twitter was always going to be a challenge -- a highly complex financial transaction now made even trickier by a defensive "poison pill" move from the platform's board.
Musk's $43 billion offer lays out the myriad potential pitfalls: possible government approvals, legal as well as regulatory due diligence, negotiations of a final agreement and, of course, how to pay for it all.
Then Twitter's board on Friday showed it won't go quietly, saying any acquisition of over 15 percent of the firm's stock without its OK would trigger a plan to flood the market with shares and thus make a buyout much harder.
"Your move @elonmusk," tweeted Silicon Valley journalist Kara Swisher.
The offer itself, which Musk said was final, values Twitter at $54.20 per share -- above the closing price ahead of his bid, but below a high of $77.06 hit in February of last year.
Even with a moderate and inflexible proposal, which could help the board argue for rejection, it's a fraught moment that could end in lawsuits from just about everyone involved.
To succeed in repelling Musk's offer, the
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