Musk, the CEO of Tesla and the richest man in the world, had offered to buy the social networking platform for $ 43.4 billion, claiming that he wanted to unleash its “extraordinary capabilities” to support freedom of speech and expression. democracy around the world. In response, Twitter’s board unanimously approved a plan Friday that would allow existing shareholders to buy shares at a significant discount in order to reduce new investor participation. The method, known as the “poison pill” in the financial world, suggests that Twitter will fight Musk to prevent a hostile takeover. It will take effect if a shareholder acquired more than 15% of the company in an agreement not approved by the board and expiring on April 14, 2023. “The Bill of Rights does not prevent the Board of Directors from working with parties or accepting a takeover bid if the Board believes it is in the best interests of Twitter and its shareholders,” Twitter said in a statement. Twitter’s response is the latest twist in an epic between the billionaire and the social networking site, of which Musk himself is an avid user. Musk revealed on April 4 that he had become the largest shareholder in Twitter, quietly gaining a 9.2% stake in the company in recent months. He was then offered a seat on the board, a move that was reversed shortly after Musk’s ouster. Twitter then announced that it would join its board, a move that was quickly reversed after Musk’s ouster. More details coming soon…
