Twitter said Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private.
FILE: SpaceX owner and Tesla CEO Elon Musk gestures as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin, on December 1, 2020. Twitter said Friday that its board of directors has unanimously adopted a "poison pill" defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private.
Twitter’s plan would take effect if Musk’s roughly 9% stake grows to 15% or more. Even then, Musk could still take over the company with a proxy fight by voting out the current directors. Twitter said the plan doesn’t prevent the board from engaging with parties or accepting an acquisition proposal if it’s in the company’s "best interests."
"I believe free speech is a societal imperative for a functioning democracy," Musk said in the filing. "I now realize the company will neither thrive nor serve this societal imperative in its current form."Later on Thursday, during an onstage interview at the TED 2022 conference, he went even broader: "Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter initiates 'poison pill' to block Elon Musk's takeover bid | EngadgetThe board will give some shareholders the right to buy more stock under certain circumstances..
Read more »
Twitter pushes back on Elon Musk's hostile takeover with 'poison pill'Twitter is putting up a fight against Elon Musk’s hostile takeover bid by offering its shareholders the opportunity to buy more company stock.
Read more »
Twitter adopts 'poison pill' plan to counter Elon Musk's bidBREAKING: Twitter on Friday said it adopted a 'poison pill' plan that could block billionaire Elon Musk from significantly increasing his stake in the social media company.
Read more »
Twitter adopts 'poison pill' measure that could thwart Elon Musk's takeover bidTwitter's board of directors has adopted a limited-term shareholder rights plan called a 'poison pill' that could make it harder for Elon Musk to acquire the company.
Read more »
Twitter adopts ‘poison pill’ defense to thwart Elon Musk’s takeover bidPoison pills are often used to defend against a hostile takeover.
Read more »
Twitter adopts 'poison pill' defense in Elon Musk's takeover bidTwitter said the move, formally called a 'limited duration shareholder rights plan,' aims to enable its investors to 'realize the full value of their investment' by reducing the likelihood that any one person can gain control of the company without either paying shareholders a premium or giving the board more time. Poison
Read more »