Twitter pulls its teeth against Elon Musk’s takeover offer and draws the “poison pill” – archyde

The little bird will not let it go. Twitter, which had said on Thursday “examining” Elon Musk’s offer, responded to him this Friday, in its own way: the company announced measures to counter the offensive. It included a clause, nicknamed “poison pill” in financial jargon, which is automatically triggered when a shareholder has at least 15% of the capital of the company without the agreement of the board of directors. The plan must “reduce the possibility that an entity, person or group could take control of Twitter by accumulating securities in the market without paying all shareholders an appropriate premium or without giving the board of directors sufficient time to make informed decisions” , specifies the group in a press release. Elon Musk holds a little more than 9% of the capital of Twitter at this stage. If he buys back enough shares to reach the 15%, all the other holders of shares on the platform will be able to buy them back at a reduced price, which would greatly increase the price the entrepreneur would have to pay to get his hands on the social network. Elon Musk ready to pay 43 billion dollars This Twitter announcement shows that the San Francisco-based company intends to fight against this attempt by the richest man in the world to buy it out and make it an unlisted company in Stock Exchange. The whimsical billionaire has announced a proposal to acquire the social network at a price that would value it at 43.4 billion dollars, against around 36 billion at present. He said Thursday he had “sufficient funds”, assured that he had a plan B if the Board refused his offer, and also that he was not looking to “make money”, during a live interview at the Ted2022 conference. Very critical of Twitter’s content moderation policy, he says he wants to make it “the platform for freedom of expression in the world”, with fewer limits on what users can tweet.