Twitter board announces poison pill measure to block Musk buyout
Illustration by Kristen Radtke / The Verge; Getty Images Twitter’s board of directors has issued a new “shareholder rights plan” to block Elon Musk’s proposed buyout offer, a major setback to the billionaire’s efforts to take full financial control of the company. This is what’s known as a poison pill, giving certain shareholders the right to purchase more stock if Musk or another buyer attempts to seize control. Announced Thursday in a press release to investors, the new provision suggests that Twitter’s board intends to fight Musk’s bid to take sole ownership of the company. On April 4th, SEC filings revealed that Musk had accumulated a nine percent stake in Twitter, becoming the company’s largest individual shareholder. Musk then accepted and abruptly backed out of a seat on the company’s... Continue reading…
Twitter’s board of directors has issued a new “shareholder rights plan” to block Elon Musk’s proposed buyout offer, a major setback to the billionaire’s efforts to take full financial control of the company.
This is what’s known as a poison pill, giving certain shareholders the right to purchase more stock if Musk or another buyer attempts to seize control. Announced Thursday in a press release to investors, the new provision suggests that Twitter’s board intends to fight Musk’s bid to take sole ownership of the company.
On April 4th, SEC filings revealed that Musk had accumulated a nine percent stake in Twitter, becoming the company’s largest individual shareholder. Musk then accepted and abruptly backed out of a seat on the company’s...
