Elon Musk is a famous Twitter user. He wants to change Twitter rules on what is allowed to be posted. However, recently he surprised everyone by saying that he would buy this social media company. Musk has been offered loans of $25.5 billion from big American banks and he promised to pay the rest of the $21 billion out of his pocket.
The next day after Musk’s proposal, the board announced they will implement a "poison pill"—a measure that forbids anyone to buy more than 15% of the company’s shares. People fear that Twitter’s shareholders will pressure the board to accept Musk’s offer. Shareholders may want to do it because the share price that Musk has offered is much higher than the current one. On the other hand, this deal means that Twitter will become private, which may lead to unknown consequences for the company.
Twitter did not make official statements for some time. However, on April 26, the company said it accepted Musk's proposal. This is the biggest purchase in tech history and it can shape the way how billions of people use Twitter.
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out of his pocket—pay with his own money
shareholders—individual or entity that owns the shares of a corporation