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E76: Elon vs. Twitter
All-In with Chamath, Jason, Sacks & Friedberg
What is a Poison Pill Defence?
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A poison pill is used by the board of directors to prevent a hostile takeover. They create a large number of new shares and dilute potential acquirers except for those who cross a certain ownership threshold. For Twitter, the poison pill locks out anyone who reaches 15% ownership. This makes it almost impossible for them to acquire the necessary shares to take control. Other poison pills can be used with death or equity.
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