Highlights

  • Musk said he has a Plan B
  • Twitter may adopt poison pill defence

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Elon Musk's 'Plan B' for Twitter; is the social media giant exploring 'poison pill'?

Billionaire entrepreneur Elon Musk offered to take Twitter Inc private in a deal valued at $43 billion.

Soon after Elon Musk offered to buy Twitter Inc, the company's board held an emergency meeting on Thursday to debate possible responses to the takeover by the Tesla boss.

Bloomberg report suggests Twitter board could also be exploring an option of the poison pill, a measure companies typically use to protect from hostile takeovers.

Also read/watch| Elon Musk offers to buy Twitter for $43 billion

Elon Musk, on the other hand, expressed doubt about whether he’ll succeed with his $43 billion offer to buy Twitter Inc in his first public comments about the blockbuster deal. “I am not sure that I will actually be able to acquire it,” the billionaire entrepreneur said Thursday at a TED event in Vancouver.

Interestingly, Musk said he has a Plan B if Twitter rejects his offer, without offering more details.

Meanwhile, Saudi Arabia’s Prince Alwaleed bin Talal rejected Elon Musk’s bid to acquire Twitter Inc for $54.20 per share, saying the deal doesn’t “come close to the intrinsic value” of the social media giant.

Also read/watch| Amazon adds 5% 'fuel and inflation surcharge' to seller fees

The move prompted a rapid retort from Musk, who asked how many shares the investor held in Twitter, and what are the Kingdom’s view on freedom of speech for journalists.

A 2015 regulatory filing showed that Alwaleed, along with his Kingdom Holding Company, owned a 5.2% stake in the social media platform. The Bloomberg Billionaires Index estimates the position is now about 4.4% of Twitter.

Billionaire entrepreneur Elon Musk offered to take Twitter Inc private in a deal valued at $43 billion, lambasting company management and saying he’s the person who can unlock the “extraordinary potential” of a communication platform used daily by more than 200 million people.

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