Elon Musk is actively trying to acquire Twitter with a $46.5 billion takeover bid, but he is being fought off by 10 members of the Twitter board.
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In the wake of Tesla CEO Elon Musk's rumoured takeover effort, Twitter's board of directors promised to retaliate with a "poison pill" plan that would allow it to flood the market with new shares if Musk bought more than 15% of the firm.
In an April 16 tweet, Musk remarked that fending off Musk's $43 billion offer by issuing more shares might decrease the value of shareholders' shares — but Twitter's 10 board members own only a small percentage of the company: "The Twitter board collectively owns almost no shares!" "Objectively, their economic interests are simply not aligned with shareholders."
Even Twitter co-founder Jack Dorsey, who is stepping down from the board at the end of his tenure at the company's annual shareholder meeting next month, tweeted the same day that the board of directors "has consistently been th...