Twitter on Friday adopted a limited-duration shareholder rights plan to protect itself from billionaire entrepreneur Elon Musk’s $43bn cash takeover offer.
Musk, the chief executive of Tesla and the world’s richest person, had offered to buy the social media platform for $43.4bn, arguing he wanted to release its “extraordinary potential” to support free speech and democracy across the world.
Musk’s bid came after the entrepreneur had bought a 9.2% stake in Twitter and was offered a seat on the board, which he declined.
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