Elon Musk, Twitter and the 'Poison Pill’

What a wild few weeks it has been. The richest man in the world, Elon Musk, has made headlines again as it was announced that he had bought around 9% of Twitter ($TWTR) shares.

That caused the share price of Twitter to surge as much as 27% during the day’s session.

Thereafter, Twitter had revealed in a securities filing on Thursday that Musk offered to buy the company outright for more than $43 billion, saying that the social media platform “needs to be transformed as a private company” in order to build trust with its users.

Naturally, the move was met with resistance from the current board of directors and Musk made his case on Twitter, including publishing a letter that was sent to Twitter’s chairman that outlined his ‘best and final offer’ to buy the company.

On Friday, Twitter said that its board of directors has unanimously adopted a “poison pill” defense in response to the Tesla ($TSLA) CEO’s proposal to buy the company and take it private.