Seattle Daily Star

  The social media company’s board has adopted a limited-duration shareholder rights plan, which would enable its shareholders to buy additional stock Twitter made a move on Friday to shield itself from the $43 billion takeover bid by billionaire Elon Musk. The social media company’s board adopted a limited-duration shareholder rights plan, which would enable its shareholders to buy additional stock, it said in a statement. Under the plan, also known as a “poison pill” strategy to resist a bid from a potential acquirer, “the rights will become exercisable if an entity, person or group acquires beneficial ownership of 15 per cent or more of Twitter’s outstanding common stock in a transaction not approved by the board”, Twitter said. On Thursday, Mr Musk, founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX , offered to buy 100 per cent of Twitter for roughly $43 billion, proposing an offer price of $54.20 a share, in a filing to the Securities and E...

  The stock price of the social media company jumped about 25% in pre-market trading on Monday Shares of Twitter surged about 25 per cent on Monday in pre-market trading after Elon Musk, co-founder and chief executive of electric vehicle maker Tesla, acquired a 9.2 per cent passive stake in the social media company. Mr Musk owns more than 73.4 million shares of Twitter, worth nearly $2.89 billion, a filing with the US Securities and Exchange Commission showed. Twitter has a market value of $31.5bn and its shares are down about 8 per cent since the start of this year and 39 per cent weaker than this time in 2021. The company’s shares, which settled at $39.3 at the close of trading on Friday, rose to $49.09 Monday morning. Later in the day he tweeted “Oh hi lol”. Last month, Bitcoin , Ether and Dogecoin received a brief boost after Mr Musk tweeted that he owns the digital tokens and is not planning to sell. Mr Musk, the world’s richest person with a net worth of $273bn, acc...