Twitter Adopts Poison Pill in Bid To Thwart Elon Musk Takeover

Twitter's board on Friday enacted a defensive measure meant to deter Elon Musk's $43 billion hostile takeover bid. From a report: The "poison pill," as it's called in corporate terms, gives Twitter's existing shareholders time to purchase additional shares at a discount, thus diluting Musk's ownership stake. Musk disclosed a 9.2% stake in Twitter earlier this month. He then announced he was joining the company's board of directors and began proposing several changes to the platform, including turning the company's headquarters into a homeless shelter. [...] He later backed out of joining the board and offered to purchase the company for $54.20 a share, though he did specify how he planned to pay for it. Twitter said in a statement that "its Board of Directors has unanimously adopted a limited duration shareholder rights plan. ... The Board adopted the Rights Plan following an unsolicited, non-binding proposal to acquire Twitter."

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