Elon Musk’s offer to buy Twitter for over $40 billion would make stockholders a lot of money, but it’s clear the Board of Directors does not want that to happen:

The announcement was made on a day when the market’s closed and will be until Monday:

From Investopedia:

What Is a Poison Pill?

The term poison pill refers to a defense strategy used by a target firm to prevent or discourage a potential hostile takeover by an acquiring company. Potential targets use this tactic in order to make them look less attractive to the potential acquirer.

Although they’re not always the first—and best—way to defend a company, poison pills are generally very effective.
When a company becomes the target of a hostile takeover, it may use the poison pill strategy to make itself less attractive to the potential acquirer. As the name indicates, a poison pill is analogous to something that’s difficult to swallow or accept. A company targeted for an unwanted takeover may use a poison pill to make its shares unfavorable to the acquiring firm or individual. Poison pills also significantly raise the cost of acquisitions and create big disincentives to deter such attempts completely.

One thing is abundantly clear:

Exactly. Stay tuned because this certainly isn’t over.



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