Twitter Adopts Poison Pill Strategy to Thwart Elon Musk Buyout

Twitter's board implements a shareholder rights plan to prevent Elon Musk from acquiring a controlling stake in the company. The strategy dilutes the ownership of anyone who attempts to purchase more than 15% of the social network without board approval.

15 Apr 2022 • 1 min read

Twitter’s board of directors adopts a limited duration shareholder rights plan, commonly known as a "poison pill," to block Elon Musk from taking over the social network. Although the official press release avoids naming Musk directly, the move serves as a clear response to his recent $43.4 billion all-cash offer to buy 100% of the company at $54.20 per share.

This defensive strategy triggers if any entity or person acquires a 15% stake in Twitter, allowing existing shareholders to buy additional shares at a steep discount. By flooding the market with new shares, the plan successfully dilutes the ownership percentage of the aggressive buyer and makes a hostile takeover prohibitively expensive.

Musk currently owns 9.2% of Twitter and claims his takeover attempt centers on promoting free speech rather than financial gain. However, critics point out that his offer falls short of Twitter's trading value from just a few months ago, and the newly implemented poison pill remains valid until the board chooses to waive it or it expires next April.

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