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Twitter wants to prevent Musk’s takeover with “poison pill”.
STORY: Twitter is using a so-called “poison pill” to defend itself against a takeover by Tesla boss Elon Musk. The US group announced on Friday that it was launching a frequently used procedure that is intended to make it difficult for large investors to increase their stake. The regulation should apply for one year and take effect if someone gains control of 15 percent or more of the shares without the consent of the group’s management. Musk currently controls a good nine percent of Twitter shares. According to Forbes, Musk is the richest man in the world at $265 billion. He wants to buy and delist Twitter for $41.4 billion. This should enable the service to realize its potential as a “platform for free speech around the world,” according to Elon Musk.
The US group announced on Friday that it was launching a frequently used procedure that is intended to make it difficult for large investors to increase their stake.