Twitter’s board of directors really doesn’t want Tesla billionaire Elon Musk to takeover the social media platform. In response to Musk’s offer to buy the company for $43 billion dollars, the board has instead decided on “the poison pill.”
According to the Daily Wire, “The board has adopted a ‘limited duration shareholder rights plan,’ which gives Twitter’s existing shareholders, save Musk, time to purchase additional shares at a discount.”
“The desired effect is clearly to dilute Musk’s holding in the company, and make the cost of a takeover higher or even prohibitive,” DW adds.
This story is developing…