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Twitter Adopts ‘poison Pill Plan To Shield Itself From Elon Musk Takeover

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Twitter announced a plan to curtail shareholder rights, which could halt the management of billionaire entrepreneur Elon Musk. Musk, CEO of Tesla's richest man in the world, has offered to buy the social media platform for $ 43.4 billion, saying he wants to unleash its "extraordinary potential" to promote freedom of expression and democracy around the world. In response, Twitter's board of directors unanimously approved a plan on Friday that would allow existing shareholders to buy shares at a steep discount to reduce investment from new investors. The method, known as the "poison pill" in the financial world, suggests that Twitter will fight Musk to prevent hostile power. It will take effect if a shareholder acquires more than 15% of the company's shares in a transaction not approved by the Board of Directors and which expires on April 14, 2023. "The rights program does not prevent the board from communicating with the parties or from accepti...