Twitter Tries to Protect Itself From Elon Musk
The news about the possible takeover of social media mogul by Elon Musk has been on top recently. He made an offer to acquire the company, and its shareholders are not happy with it. However, he is the biggest shareholder at the moment.
Other shareholders are going to implement a plan they call a “poison pill”. Its goal is to protect the company from acquisitions they don’t want and protect their rights in case of such a situation.
This plan helps the shareholders to buy more shares for lower prices. It comes into force if someone buys more than 15% of the company’s securities without the approval of directors’ board. At the moment Musk holds 9,2% of them.