Twitter plans “poison pill” if Musk tries takeover
The social media giant’s board of directors will make defensive moves if Elon Musk tries to increase his stake in Twitter from 9 percent to 15 percent or more. The billionaire and CEO of Tesla announced Thursday he wants to buy the publicly traded company outright for $43 billion. Musk wants to take Twitter private and reform its censorship practices, a move he says would protect free speech.
How would Twitter’s plan work? It would allow existing Twitter shareholders (except Musk) to buy additional shares at a discount, thereby diluting Musk’s stake in the company and making it harder for him to gain support for his acquisition from a majority of shareholders. The plan is set to expire next year.
Dig deeper: Read Jerry Bowyer’s column for WORLD Opinions about how Musk could transform Twitter.
If you enjoyed this article and would like to support WORLD's brand of Biblically sound journalism, click here.
An actual newsletter worth subscribing to instead of just a collection of links. —AdamSign up to receive The Sift email newsletter each weekday morning for the latest headlines from WORLD’s breaking news team.
Please wait while we load the latest comments...
Please register, subscribe, or log in to comment on this article.