Twitter board turns to 'poison pill' to stop Elon Musk takeover

Elon Musk
(Image credit: Photo by SUZANNE CORDEIRO/AFP via Getty Images)

Twitter announced Friday its board had voted unanimously to adopt a limited duration shareholder rights plan, also known as a "poison pill," to stop billionaire Elon Musk from taking over the company, CNN reported.

Earlier this month, Musk bought more than 9 percent of the company, but declined to take a board seat. Instead, he offered Thursday to buy the rest of the company for $43 billion, or $54.20 per share, in order to take the company private and turn it into "the platform for free speech around the globe." Musk's offer was 18 percent higher than the closing price for Twitter stock on Wednesday.

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Grayson Quay

Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-GazetteModern AgeThe American ConservativeThe Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.