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Twitter Hastily Enacts New Rule in Desperate Attempt to Stop Elon Musk

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16.04.2022

The left is scheming hard to prevent free speech advocate Elon Musk from being able to mount an effort to set social media giant Twitter back on the road to freedom and liberty.

Musk delivered his offer Thursday to buy Twitter out so he can move in and begin restoring free speech there:

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

But shortly after he made his offer, the company moved to set up new rules to cut the billionaire entrepreneur off at the knees.

On Friday, the social media giant issued a news release stating that the company’s board of directors unanimously adopted a limited duration shareholder rights plan as a direct response to Musk’s offer to buy the tech giant.

“The Rights Plan is similar to other plans adopted by publicly held companies in comparable circumstances,” Twitter insisted in its PR wire.

“Under the Rights Plan, the rights will become exercisable if an entity, person or group acquires beneficial ownership of 15% or more of Twitter’s outstanding common stock in a transaction not approved by the Board,” the message reads. “In the event that the rights become exercisable due to the triggering ownership threshold being crossed, each right will entitle its holder (other than the person, entity or group triggering the Rights Plan, whose rights will become void and will not be exercisable) to purchase, at the then-current exercise price, additional shares of common stock having a then-current market value of twice the exercise price of the right.”

The new rule allows Twitter shareholders to........

© Western Journalism


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