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Twitter adopts ‘poison pill’ measure to block Elon Musk’s takeover bid

WASHINGTON (TND) — Twitter’s board of directors has adopted a limited-term shareholder rights plan called a “poison pill” that could make it harder for Tesla and SpaceX CEO Elon Musk to acquire the company.

The “poison pill” provision was announced in a press release Friday, preserving the right for Twitter shareholders other than Musk to acquire more shares of the company at a relatively inexpensive price. The provision will be triggered if any investor acquires more than 15% of the company’s shares. Musk currently owns around 9% of Twitter’s shares.