Twitter's board of directors announced in a press release that the company is using a limited-time shareholder rights plan -- "poison pill" in merger jargon. Although the company doesn't directly identify Elon Musk, Twitter is clearly trying to prevent the billionaire from buying the social network.
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Elon Musk currently owns 9.2% of Twitter, yesterday he submitted an offer to buy 100 percent of the company's shares, as disclosed in a filing with the US Securities and Exchange Commission. Musk said he was willing to pay $54.20 per share. It will be an all-cash offer that will value the social network at $43.4 billion.
Although it seems like a lot But Musk's offer wasn't that generous. Twitter shares were trading above $60 a few months ago. Sure, tech stocks are experiencing a big selloff, but Twitter's business seems to be doing well for now.I think it's very important to have a platform for free speech. Twitter becomes
the de facto town square. It is therefore extremely important that people have both realism and perception that they can speak freely within the confines of the law,” Musk said at a meeting yesterday. "I don't care about economics at all," he added in a later interview.