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The poison pill provision and Elon's takeover are not mutually exclusive. It's in the board's best interest to gain maximum leverage over Elon. A poison pill puts the board in a better negotiating position in discussions with Elon allowing them to get better terms. Once terms are agreed they are free to repeal the poison pill.

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Elon submitted his final terms, there won't be negotiations, based on current public statements. As noted by others, the poison pill is not even in actual effect.

Well, 1) He publicly claimed it was his final terms, but there is no reason a board should not at least try to use any leverage they have to try to interrogate that claim.

2) The valuation is not the only thing the board and Musk need to agree to. There are break up terms, ability to accept a higher offer if one materializes, liability in case of funding breakdowns, antitrust assurances, etc etc. So again, any leverage is useful.

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