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Twitter Board Approves 'Poison Pill' After Musk's $43 Billion Offer to Buy Company

Twitter Board Approves 'Poison Pill' After Musk's $43 Billion Offer to Buy Company | 16 April 2022 | Twitter’s board of directors [disregarding shareholders' best interest] has approved a provision aimed at preventing a hostile takeover that’s known in the financial world as a "poison pill," the company announced on April 15. The board unanimously chose to adopt the "limited duration shareholder rights plan" after an "unsolicited, non-binding proposal to acquire Twitter," the company said. Elon Musk, the founder and CEO of Tesla and SpaceX, offered to purchase the California-based firm for around $43 billion this week shortly after buying nearly 10 percent of the company. Under the approved provision, if any entity, person, or group acquires 15 percent or more of Twitter's outstanding stock in a transaction not approved by the board, other stock holders will be able to buy additional shares of common stock at a lower price. [Hopefully, Twitter shareholders will soon launch a class-action lawsuit against the totalitarian dirt-bags sitting on the board of directors.]