Last week the Twitter Board of Directors adopted a “poison pill” in an effort to keep Elon Musk from buying the company:

Twitter adopted a limited duration shareholder rights plan, often called a “poison pill,” a day after billionaire Elon Musk offered to buy the company for $43 billion, the company announced Friday.

The board voted unanimously to adopt the plan.

Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount.

The plan is set to expire on April 14, 2023.

Saturday, Elon Musk pointed out that the Twitter Board of Directors owns almost no shares:

How many shares do board members hold? Just a few dozen:

Here’s more about the board:

No wonder the board doesn’t seem moved by any duty to the stockholders — they don’t even have much of a stake in the company. However, they do profit a bit via salaries, and Musk says that’ll be taken care of if he takes over Twitter:

That should cause another triggering inside the Twitter board room!

Are you not entertained!?

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Related:

‘Not a FINANCIAL decision, it never WAS’: Jeff Carlson lays into Twitter for taking #poisonpill to reject Elon Musk in zero-punches-pulled thread

L.A. Times explores Elon Musk’s paradoxical ‘less democracy, more freedom’ vision for Twitter

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