CEO of Tesla and Twitter
Twitter (NYSE: TWTR) on Friday adopted a restricted shareholder rights plan to protect itself from billionaire entrepreneur Elon Musk's $43 billion cash takeover offer.
Musk made the offer in a letter to Twitter's board on Wednesday. It also came to light after Elon Musk's statement appeared in a regulatory report on Thursday.
Under the plan, aimed at resisting a bid from a potential buyer, the rights would become available if someone acquired ownership of 15% or more of Twitter's outstanding ordinary shares in a transaction not approved by the board.
However, Twitter says the plan expires on 14 April 2023.
Shares in Twitter (NYSE: TWTR) closed at $45.08 in yesterday's trading, down -1.68%. The high per share was US$48.50 and the low was US$44.72.
Moreover, over the last five days, the social network's shares have fallen by -4.69%.
It is worth noting that today the company has a market capitalisation of USD 34.42 billion.
Twitter was founded in 2006 and is headquartered in San Francisco, California.
The company's leadership:
Parag Agrawal - CEO;
Leslie Berland - CMO;
Kayvon Beykpour - GM of Bluebird;
Dalana Brand - CPDO;
Nick Caldwell - GM of Core Tech;
Jack Dorsey - Founder;
Bruce Falck - GM of Goldbird;
Vijaya Gadde - Head of Legal, Policy, and Trust;
Lindsey Iannucci - VP of Operations;
Sarah Personette - CCO;
Ned Segal - CFO.