Twitter Adopts Plan to Stop Musk's Takeover

On Friday, the leading social media platform, Twitter said that it will apply a plan for defending itself against Elon Musk's takeover.

The plan is based on allowing the other shareholders to buy extra stock, according to the company's latest statement.

It added: "The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium.

SpaceX and Tesla Chairman has offered to buy the leading social media platform Twitter for $ 43 billion.

He said that he will demolish all expression, and speech restrictions, asserting: “Twitter has extraordinary potential. I will unlock it.”

In the same context, Twitter chairman Bret Taylor revealed that Musk offered to buy the platform for $ 54.20 per share in cash.

This move would offer Musk the power to control the platform and its rules which rose several concerns over the policies of its moderation.

On the other hand, the SpaceX and Tesla president responded in his letter to the Twitter board: “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”