Twitter showing 'dysfunctionality' with poison pill move, market expert says

Andersen Capital Management CIO Peter Andersen said Twitter's "poison pill" move to stifle Elon Musk's takeover bid shows its "dysfunctionality" during a Monday segment of "Mornings with Maria." Andersen told guest host Dagen McDowell the organization is opting for a "1980s defense" to their Elon Musk problem and argued that the company needs to be "overhauled completely."

ELON MUSK AGREES WITH TWEET SAYING ‘GAME IS RIGGED’ IF HE CAN'T BUY TWITTER

PETER ANDERSEN: I'm actually pretty excited about this because I think this will show, Twitter itself, the dysfunctionality of the board. I hope they're listening to our conversation because, in corporate governance 101, the board does not own the company; they represent their shareholders. I thought we all knew that, and for them to dismiss this kind of approach in such a short period of thinking this over, less than 24 hours, and coming out with frankly a 1980s defense of a poison pill really gives us a sense that, in that board, my projection is everybody is getting along to just go along and it's really hard to have an independent voice in a board to give a contrary opinion. 

Now, this has been a lot of personalities, right? It's very exciting to talk about the possibility of, you know, the new father of free speech if Musk succeeds. But besides that, this is just more of a legal and ethical matter. It's not just about the popularity of the personalities, which is very intriguing and very seductive to talk about, but on a more fundamental level, we are talking about corporate governance. What is the right way? What's the best practices to be on a board of directorship? I think we're seeing now that Twitter really needs to be overhauled completely.

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