Micro-blogging website Twitter shares climbed on Monday, but are still lower than the takeover bid offered by Elon Musk last week.
Musk , Tesla’s CEO, tweeted on Monday that he would eliminate all board members, taking collective salaries to "$0 if my bid succeeds, so that’s ~$3M/year saved right there".
Last week, Musk announced a surprise $43 billion takeover bid, around a week after he had submitted a filing with the Securities and Exchange Commission mentioning that he was a passive investor in Twitter. This led to Twitter adopting the strategy of a ‘poison pill’ defense (where the strategy allows existing shareholders to buy more Twitter stock at a discount should any one, or a group of, investors try to gain control of 15% of the company without board approval). Twitter’s adoption of the poison pill tactic puts Musk’s takeover on hold at present.
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