Twitter’s leadership team is trying to regain control over the company’s trajectory with a so-called “poison pill.”
Twitter adopted a so-called “poison pill” on Friday to inhibit the world’s richest man—or any party—from taking over the company.called it, “will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium” or giving the board adequate time to consider the proposal.
The poison pill will be activated if any party gains a stake in the company larger than 15 percent without the board’s approval. At that point, other shareholders will be able to buy stock at a set price, making it harder for the initial purchaser to assume a controlling interest. “My conclusion,” the billionaire Mark Cuban tweeted in reference to the number, “[Musk] is fucking with the SEC.”to doubt the seriousness of the takeover offer, too. Among the largest is Musk’s declaration in 2018 that he was considering taking his electric carmaker, Tesla, private at a price of $420 per share.
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