Tesla chief Elon Musk said he has a “Plan B” if the board of the social media giant Twitter decides to reject his offer to buy the entire company, reported a local media outlet on Thursday.
Twitter on Thursday said that it will be holding an emergency “all-hands meeting with employees” at 2 pm (local time) to discuss Elon Musk’s hostile bid to buy the entire company. To which, Musk said he had a “Plan B” if Twitter board didn’t approve of his offer to purchase the company, reported The Spectator Index.
“Will endeavor to keep as many shareholders in privatized Twitter as allowed by law,” he tweeted.
As per media reports, Twitter executives have reportedly scheduled an emergency “all-hands meeting with employees” to discuss Tesla chief’s staggering USD 41.39 billion offer to acquire the platform.
Twitter on Thursday said that its board will evaluate an unsolicited, non-binding offer from Musk to acquire the social media company. “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” Twitter said in a statement.
Showing his bare-knuckle business tactics, Musk has posted an opinion poll on Twitter, saying that the company shareholders should decide on his “best and final” offer to acquire 100% of social media giant with USD 54.20 per share in cash.
Employing a corporate raider-style tactic, Musk took to Twitter, to put the decision of acquisition to a vote of all company shareholders. “Taking Twitter private at $54.20 should be up to shareholders, not the board,” Musk tweeted with the opinion poll with two options ‘Yes’ and ‘No’.
Meanwhile, Twitter’s major investor Saudi Prince Alwaleed bin Talal said on Thursday that he rejected the takeover bid by Musk. “I don’t believe that the proposed offer by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects,” the prince said in a Twitter post. “Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”
In reply, Musk asked two questions. He tweeted, “Interesting. Just two questions, if I may. How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?”
The world’s richest man made the offer in an updated 13D filing earlier today. Musk offered a “best and final” bid to purchase 100% of Twitter for USD 41.39 billion with USD 54.20 per share in cash.
“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,” Musk said in his filing.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said.