Elon Musk ready with 'Plan B' if Twitter rejects his offer

Washington: 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. In a recent development, Elon Musk said he has a ‘plan B’ if Twitter board doesn’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.

Asserting that Twitter is the platform for free speech around the globe and is imperative for a functioning democracy, he puts out a tweet, “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?

As per media reports, Twitter executives have reportedly scheduled an emergency “all-hands meeting with employees” to discuss Tesla Chief Elon Musk’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 Tesla chief Elon 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.

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 per cent 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 realise the company will neither thrive nor serve this societal imperative in its current form,” he said.

Musk’s latest move toward Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 per cent stake in the microblogging platform.