Twitter adopts "poison pill" plan to counter Elon Musk's bid
CBSN
Twitter on Friday said it adopted a "poison pill" plan that could block billionaire Elon Musk from significantly increasing his stake in the social media company. The counter-measure comes a day after Tesla CEO Musk unveiled a $43 billion hostile offer for Twitter.
In a statement, Twitter said that the new plan will reduce the chances than any person, group or company could take control of Twitter through purchases of stock on the open market without paying "an appropriate control premium" or giving the board enough time "to make informed judgments."
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