Twitter announced that all members of the board of directors voted unanimously to launch the “poison pill” program. According to the plan, if any individual or organization acquires no less than 15% of Twitter’s outstanding shares without the approval of the board, other shareholders will be able to buy additional shares at a discount.
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Twitter’s poison pill program expires on April 14, 2023. Twitter said the “poison pill” plan will not affect the board’s acceptance of a takeover that is in the interests of the company and shareholders.
Moreover, Elon Musk owns 9 percent of Twitter’s stock, according to filings with the U.S. Securities and Exchange Commission disclosed last week. The Twitter CEO announced that Musk would be on the board, but Musk changed his mind a few days later and decided not to. Musk’s stake cannot exceed 14.9% if he is on Twitter’s board.
