Twitter board adopts ‘poison pill’ after Musk’s $43 billion bid to buy company

Twitter board adopts ‘poison pill’ after Musk’s $43 billion bid to buy company

Twitter adopted a limited duration shareholder rights plan, often called a “poison pill,” a day after billionaire Elon Musk offered to buy the company for $43 billion, the company announced Friday.

The board voted unanimously to adopt the plan.

Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount.

The plan is set to expire on April 14, 2023.

Such a move is a common way to fend off a potential hostile takeover by diluting the stake of the entity eying the takeover.

Will Elon dump on them if he don’t get his way?

Cardano founder offers to build a decentralized social media platform with Elon Musk

Elon Musk shook up the internet by offering to buy all of Twitter. While some were appalled by this, Cardano’s founder Charles Hoskinson extended support. This support came through in the form of an alternative to the existing social media platform.

After emerging as the largest shareholder of Twitter, he was looking to expand his stake. Suggesting that privatization would aid in upholding free speech, he wanted to buy the firm at $54.20 per share. An array of people commented on this. While some raised the offer, a few others decided to create a whole new platform with Musk.

Decentralization is the theme of the crypto market. At least, it started out that way. Taking this onto the world of social media, Cardano’s Charles Hoskinson that the Tesla CEO could collaborate with him in building a decentralized social media platform.