Twitter adopts ‘poison pill’ defense to fight Musk

Twitter said in a statement on April 15 that its board of directors has unanimously adopted a ‘poison pill’ defense in response to Tesla CEO Elon Musk’s proposal. (AP)
Short Url
Updated 15 April 2022
Follow

Twitter adopts ‘poison pill’ defense to fight Musk

  • Plan takes effect if his stake grows to 15 percent or more
  • Poison pills are often used to defend against hostile takeovers

DUBAI: Twitter’s board of directors has unanimously adopted a “poison pill” defense in response to Elon Musk’s proposal to buy the company and take it private.

A poison pill defense, or shareholder rights plan, is a strategy used to prevent or discourage a potential hostile takeover. One of the most common tactics employed is allowing existing shareholders — other than the person attempting the takeover — to buy additional shares at a discount.

Twitter said in a statement that its “Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter,” and “it will reduce the likelihood” of anyone trying to gain control of Twitter without either paying shareholders a premium or giving the board more time.

The plan would take effect if Musk’s stake grew to 15 percent or more. Even then, Musk could still take over the company with a proxy fight by voting out the current directors, AP reported.

Twitter said the plan “does not prevent the board from engaging with parties or accepting an acquisition proposal” if the board believes it to be in the best interest of Twitter and its shareholders.

In a TED Talk yesterday, Musk said that he would like to retain as many shareholders as allowed in a private company. 

However “it isn’t about money,” he said, adding that this “strong intuitive sense” was that having a platform that was “maximally trusted and broadly inclusive is important to the future of civilization. I don’t care about the economics at all.”

The Rights Plan will expire on April 14, 2023.


MrBeast’s first Saudi-shot video racks up tens of millions of views as Riyadh Season leans into his brand 

Updated 11 December 2025
Follow

MrBeast’s first Saudi-shot video racks up tens of millions of views as Riyadh Season leans into his brand 

  • ‘100 Pilots Fight for a Private Jet’ amassed around 72m views and tens of thousands of comments within days of release 
  • Production coincides with ‘Beast Land,’ a theme-park-style experience at Riyadh Season

LONDON: MrBeast’s first video filmed in Saudi Arabia has pulled in tens of millions of views within days of release, coinciding with Riyadh Season 2025’s celebrations themed around the US creator’s extravagant stunts and big-money giveaways. 

The YouTuber, whose real name is Jimmy Donaldson, published “100 Pilots Fight for a Private Jet” on Saturday, featuring 100 pilots from different countries competing for a private jet worth about $2.4 million. The episode follows his signature formula of large-scale, elimination-style challenges built around eye-catching prizes. 

Within a few days, the video had amassed around 72 million views and tens of thousands of comments, underscoring the continued global pull of MrBeast’s content. Organizers of Riyadh Season have highlighted the collaboration as a sign of the festival’s growing international profile. 

Donaldson, who began posting videos in 2012, has become one of the world’s most influential online creators, with more than 450 million subscribers and a business empire spanning sponsorships, consumer brands such as Feastables, and food ventures including MrBeast Burger. 

Various estimates value his wealth in the billions of dollars, although figures differ across sources. 

His rapid rise has also brought scrutiny. A reality competition project, “The Beast Games,” has faced lawsuits alleging unsafe working conditions, harassment, and withheld pay and prizes, claims that Donaldson has dismissed as being “blown out of proportion.” 

Some of his high-profile philanthropic videos, such as funding eye surgeries, hearing treatments, or well-building projects in Africa, have been questioned by observers who argue they blur the line between charity, branding, and spectacle. 

Despite the controversy, his popularity remains strong, including in the Middle East. In Riyadh, he has lent his name and concepts to “Beast Land,” a temporary theme-park-style experience running from Nov. 13 to Dec. 27, featuring obstacle courses and game-style challenges reminiscent of his online videos. 

The collaboration comes amid a broader push by Riyadh Season to cement the Saudi capital’s status as a major entertainment destination. Last year’s edition attracted more than 20 million visitors from 135 countries, and organizers say they expect greater numbers this year.