Shareholder Suicide: Twitter Board Votes on "Poison Pill" Strategy to Thwart Elon Musk's Takeover

"Twitter just announced that its board has unanimously voted to adopt what's called a shareholders' rights plan. The move is in direct response to Elon... The rights will become exercisable if an entity, person, or group acquires beneficial ownership of 15% or more of Twitter's outstanding common stock in a transaction not approved by the Board... [If Elon acquires 15% of Twitter], all other shareholders would immediately be able to purchase shares at a discounted price, [which] would result in Elon shares potentially being diluted so much that they're devalued."

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