The board of directors of social media giant Twitter has adopted a so-called “poison pill” provision that would be triggered if Elon Musk obtains ownership of 15% of the company’s stock in an effort to wrest ownership, the Associated Press reports.
Musk has filed an offer with the Securities and Exchange Commission offering to pay shareholders $54.20–the “420” said to be a reference to cannabis, which Musk enjoys–per share so he could take the company private, a move conservatives tout as saving “free speech” but in fact just gives one person control of what will be allowed.
With 9% of outstanding shares, Musk’s potential future acquisition would trigger a move that would require any individual shareholder looking to buy a majority of stock to pay shareholders a premium price or allow shareholders additional time to reacquire the shares.