Elon Musk is Prevented from Purchasing Twitter by Poison Pill
With a net worth of $273 billion, Elon Musk is the richest man in the world and has every intention to purchase Twitter
Elon Musk has offered to acquire all the Twitter shares he doesn’t already own for $54.20 per share, valuing it at $41.4 billion. Previously, Musk had become Twitter’s largest shareholder, though now he’s been eclipsed by Vanguard Group.
But, Twitter’s board of directors has no intention of handing over its shares. They’ve come up with a short-term shareholder rights plan known as the poison pill. The poison pill is an anti-takeover defence mechanism to stop Musk’s attempt to take over Twitter, make the company more expensive and face him back to the board.
Twitter’s board considered the poison pill a predictable defensive measure, and many believe Musk’s group was already expecting it and most likely preparing for it beforehand. The poison pill plan will stay in effect for one year.
@BTC_Archive sparked a conversation after asking, “Do you want Elon Musk to buy Twitter?”
“Thanks for the support!” Replied Musk after sharing the poll.
As a result of all his purchased shares, Twitter offered Musk a seat on the company’s board of directors, possibly allowing him significant sway over the company. Musk suggested that anyone on Twitter should get a verified account and that Twitter should add an edit button to tweets. Should he own Twitter, he’d have total control over the social media giant and be able to make whatever changes he deems fit to it.
Musk is known for manipulating stocks and crypto simply by using hashtags. Simply by adding #bitcoin to his Twitter profile, the price of Bitcoin skyrocketed, also increasing his worth by logically increasing the value of the BTC he owned.
Think of Musk owning Twitter as opening the possibilities for the biggest, meanest, and most expensive pump and dump scheme for crypto and stocks. Obviously, if the existing shareholders don’t sell their shares to Musk, this will not happen.
It’s safe to say that given the financial possibilities Musk could obtain by becoming Twitter’s owner, he won’t stop until he gets his hand on Twitter’s Larry T Bird. But, unfortunately for Musk, Twitter doesn’t seem too eager on handing over the company.