Elon Musk appears to have secured enough funding to acquire Twitter, despite the social network’s board of directors’ poison pill plan — so what comes next?
Elon Musk isn’t letting go of his dream of owning Twitter, and by extension, the source of all memes making fun of Elon Musk. Twitter has been making rounds in the news lately due to ongoing drama related to Tesla mogul Elon Musk’s suggested takeover attempt of the social media giant earlier in April 2022. At that time, Twitter’s board of directors responded by penning a poison pill plan to essentially wash Musk out of the running for complete ownership. For those unaware, Musk has been a 9.2% shareholder since he made a sizable purchase of Twitter shares on March 14. The aforementioned poison pill option readied by Twitter will come into effect if Musk or any other shareholder attempts to acquire 15% or more of Twitter’s outstanding common stock, and will allow all other shareholders to purchase the remaining stock at a discounted price. As The National Law Review explains it, such an action would result in a steep drop in share value for all shareholders, but it would at least keep the existing board in charge for the short term.
