Twitter stock gains as board plots defense strategy against Musk

The stock rose 3.8% to $46.78 at 1:00 p.m. in New York.

Twitter Inc. shares gained on Monday after the social media company launched a poison pill defense to thwart an unsolicited bid by Elon Musk to take the company private at $54.20 a share.

A securities filing on Monday confirmed the defense strategy Twitter outlined last week, which would allow the company to issue new stock that all shareholders except Musk could buy at a discounted price. It imposes a “significant penalty” on any person or entity that would acquire more than 15% of the company without board approval, according to the filing. Musk currently owns just over 9% of Twitter shares.

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