Twitter Moves to Block Elon Musk From Increasing Stake
The social-media company takes the step a day after the tech entrepreneur made a $43 billion unsolicited takeover bid
Twitter confirmed its board would review Elon Musk’s proposal.
PHOTO: LAURA MORTON FOR THE WALL STREET JOURNAL
By Cara Lombardo
Updated April 15, 2022 12:37 pm ET
Twitter Inc. moved to prevent Elon Musk from significantly increasing his stake the day after he made a $43 billion unsolicited takeover bid for the social-media company.
The company on Friday adopted a so-called poison pill that makes it difficult for him to increase his stake beyond 15%. The billionaire founder of Tesla Inc. already owns a more than 9% stake that he revealed earlier this month.
The Wall Street Journal reported Thursday that Twitter was weighing such a move.
Poison pills, also called shareholder-rights plans, are legal maneuvers that make it hard for shareholders to build their stakes beyond a set point by triggering an option for others to buy more shares at a discount. They are often used by companies that receive hostile takeover bids to buy themselves time to consider their options.
it would in a fair market, but right now market maker algos are controlking the prices of the entire market. It is all rigged
Don't disagree that market makers are heavily manipulating the market but it's still done via buy and sell orders.
They don't manipulate on orders. If they did the price would have moved when elon bought. It didn't.
It moved when he announced because they git caught manipulating. That's how the market *actually works. Orders don't matter, just the illusion when news makes them move it so it seems less manipulated