Twitter launches a ‘poison pill’ against Musk’s offer

Twitter is trying to reject Elon Musk’s hostile takeover bid by adopting a “poison pill” plan with the aim of preventing Tesla’s CEO from becoming the owner of the social network. The plan, dubbed “for shareholder rights,” essentially seeks to isolate shareholders from attempts by Musk, who has become the platform’s largest individual shareholder, to amass an exponentially larger stake in Twitter. “The Rights Plan will reduce the likelihood that any entity, person or group will gain control of Twitter through open market build-up without paying all shareholders an appropriate control premium or without providing the Board with sufficient time to make informed judgments and take actions that are within the best of ways shareholder interests, “Twitter explained in a statement. Musk revealed earlier this month that he had amassed a stake of more than 9% in Twitter and launched a takeover bid to acquire the company. worth about 43 billion dollars.