Twitter’s board of directors is deploying defensive measures to prevent Elon Musk, the world’s richest man and a declared free speech absolutist, from taking over the company.
The pro-censorship, leftist-run social media platform has adopted a Shareholder Rights Plan, a corporate tactic used to deter buyouts.Colloquially known as a “poison pill,” the measure allows existing shareholders to buy more shares at a discounted price, diluting the stake of any shareholder seeking to acquire the whole company and theoretically raising the costs of doing so.
The Rights Plan does not prevent the Board from engaging with parties or accepting an acquisition proposal if the Board believes that it is in the best interests of Twitter and its shareholders. However, as most of Twitter’s top shareholders are giant investment companies that manage trillions of dollars of assets, such as BlackRock, Vanguard, and State Street, their resources considerably exceed that of any one individual — even the richest man in the world.
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