Twitter adopts 'poison pill' to block Elon Musk takeover bid
Twitter is trying to stifle Elon Musk.
On Friday, the social media company unrolled a defense against Musk's unwelcome takeover bid, introducing what is known as a poison pill to fend off Musk's $43 billion acquisition attempt.
The maneuver, formally called a shareholder rights plan, essentially allows current shareholders to acquire more stock in the company at a discount, presenting Musk with a unwelcome "pill," meaning his shares would become diluted and his purchase would become more expensive. It would require that Musk negotiate directly with Twitter's board on any...