In response to Elon Musk’s takeover bid, Twitter’s board decided to thwart his efforts by invoking a so-called “poison pill.” This “poison pill” would devalue existing stock if he were to purchase over 15 percent of the company’s shares.
JUST IN – Twitter's board invokes "poison pill" in an attempt to thwart Elon Musk's takeover – a defensive response that could lead to a massive dilution of existing shareholders.
— Disclose.tv (@disclosetv) April 15, 2022
So @Twitter's board didn't allow the shareholders to vote on @elonmusk buying the company, choosing instead to tank its own stock price with a "poison pill."
They really, really don't want people to speak freely.
— Brandon Morse (@TheBrandonMorse) April 15, 2022
This is a very foolish move by Twitter’s board. This is going to open them up to lawsuits and a potential stockholder revolt. Stockholders could theoretically vote out the board over this as they have made it clear that they are not looking out for their financial interests.
Clearly, Twitter’s board is more concerned about maintaining their censorship agenda even at the expense of their own stockholders. It will be interesting to see what happens next with all this.
