Twitter adopts ‘poison pill’ defense in Musk takeover bid

Tesla and SpaceX CEO Elon Musk participates in a "fireside chat" at the National League of Cities (NLC) 2018 City Summit in Los Angeles, California, U.S. November 8, 2018. REUTERS/Kyle Grillot

PROVIDENCE, R.I. (AP) – Twitter said Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company for more than $43 billion and take it private. The move would allow existing Twitter shareholders – except for Musk – to buy additional shares at a discount, thereby diluting Musk’s stake in the company and making it harder for him to corral a majority of shareholder votes in favor of the acquisition. Twitter’s plan would take effect if Musk’s roughly 9% stake grows to 15% or more.

By MATT O’BRIEN

AP Technology Writer

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