Twitter Learns From Romeo, Ditches Clingy Lover with Poison Pill
Business,Twitter,Elon Musk,Banking And Finance,Stock Market,Social Media,Free Speech,Content Moderation,Internet,Big Tech,Technology,Billionaires
The cute little Twitter bird has teeth. Today, the company announced it has poisoned the local watering hole, hoping it will stall Elon Musk as he seeks to swallow up the social media company in a hostile takeover.
The company board voted unanimously Friday to create a new “Rights Plan” that allows shareholders to buy additional shares at a discount should some party like, for instance, a relatively unknown internet troll named Elon Musk, decide to buy up 15% or more of the company shares. Musk currently owns around 9% of the company’s shares, and though he did have the largest share earlier this month, he has since been eclipsed by the Vanguard Group, a massive investment management company that owns 10% of the company. The Rights Plan lasts until April 14 next year.
