Elon Musk turned the business world upside down when he announced his plan to buy Twitter for $43 billion. However, the board of Twitter poured thwarted Musk’s plans and instead opted to take ‘a poison pill’. It seems, Elon is not going to give up this easy.

Musk told the board on Wednesday he wanted to buy the social media company, in which he has a 9.1 percent share. On Thursday, the CEO, Parag Agrawal, told staff that they were still weighing up Musk’s offer.

However, on Friday, Twitter’s board announced the dramatic ‘poison pill plan’ to prevent Musk from further increasing his stake in the company. Also known as a shareholder rights provision, the plan would trigger a dilution of company shares if any shareholder builds up a 15 percent stake without the board’s approval.

The plan does not prevent Twitter from accepting Musk’s offer or entering negotiations with him or other potential buyers, but it will stop the billionaire from putting pressure on the board by buying up ever more shares on the open market. In a response, Musk is now recruiting others to join his bid, the New York Post reported Friday night.

Musk currently owns a 9.1 percent stake in Twitter and is seeking to take the company private with an unsolicited bid of $54.20 per share, well above Friday’s closing price of $45.08. The Tesla CEO said on Thursday he could ‘technically afford’ the $43 billion price tag as Musk’s fortune is estimated by Forbes at $264 billion. It should be noted, much of his wealth is tied up in SpaceX and the electric vehicle company.

This is a very interesting situation that could prove to be world changing. Stay tuned to Thirsty for future updates.

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Tags: Elon Musk
Shubham Banerjee

Shubham is a computer science student. His love for technology, gadgets and coding pushed him to pursue a career in this field. Seeing his friends working for thirsty inspired him to write stuff. He loves information , reads about anything and everything and thirsty provided him a way to share this passion for being informed with the world in a mutually beneficial manner His personal interests include photography , exploring all kinds of music and football. Being disappointed with Barcelona's performance in Europe is the only constant in his life.

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