Twitter tries to fend off Musk purchase
Twitter on Friday threw a roadblock in front of Elon Musk’s hostile takeover bid, adopting a plan known as a “poison pill” that would make it much more expensive and complicated for the Tesla CEO to take control of the social media network.
The plan seeks to thwart Musk from raising his stake in Twitter by giving other shareholders the option to buy more shares at a discounted price. It would effectively flood the market with new shares that Musk would have to buy at a higher price to acquire the company.