Date uploaded: 2022-04-15 21:07:46
Billionaire Tesla CEO Elon Musk offered to buy Twitter in a deal valuing the social media company at $43 billion.
Twitter's board of directors moved to block Elon Musk’s hostile takeover bid Friday. Called a "poison pill," the measure makes it difficult for Musk to build a stake greater than 15%.
Musk disclosed a 9.2% stake in Twitter earlier this month. He was offered a seat on the board of directors but declined and made an unsolicited bid to buy the company for $54.20 a share. He did not say how he planned to finance the purchase.
The company said the poison pill “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.”
Read the full story at the link in our bio. / 📸: Ringo H.W. Chiu, AP
