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Elon Musk Has A Plan B In Case Twitter Rejects $43Bn Purchase Offer

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(CTN News) – Elon Musk on Thursday said that if the board of directors at Twitter rejects his $43 billion purchase offer, he has a “Plan B” ready. Tesla CEO Elon Musk said he has enough assets and can “technically afford it” to acquire Twitter at the TED 2022 conference in Vancouver. Elon Musk’s remarks come in response to TED’s head curator Chris Anderson, who asked if there was a contingency plan since the tech giant wasn’t prepared to go above the bid price for Twitter.

Elon Musk responded flatly after a long pause, refusing to elaborate further. When Anderson requested Musk to shed light on the potential “Plan B”, the SpaceX chief replied “another time.”

Related: Elon Musk Becomes Twitter’s ‘Biggest Shareholder

The tech wizard insisted that buying Twitter is “not a way to make money” but to contribute to the “arena for free speech.” Elon Musk revealed that, if acquired, he intends to open source the Twitter algorithm and insists that the company must be “very cautious” about imposing permanent bans and “reluctant” to delete posts. Tesla CEO Elon Musk wrote a letter to Twitter’s board saying that his valuation for the company was the “best and final” he could offer after refusing to join Twitter’s Board of Directors. “I’m not playing a back-and-forth game… I’m straight to the end,” he said.

Elon Musk is the largest shareholder of the social media company, owning 9.2% worth $3.3 billion of the stock. For his own deal, Musk would require an additional $40 billion in cash, which he hoped to get from as many existing shareholders as possible. Musk has offered $54.20 per share in cash, a 54% premium over the closing price on January 28 and a 38% premium over the closing price on April 1. According to Bloomberg, Musk currently has cash worth $2.95 billion.

Musk ‘can’t change the culture’: Twitter CEO

The Wall Street Journal reported that following remarks about what Musk wants to change if he were to buy the company, Twitter CEO Parag Agarwal stated that the billionaire entrepreneur “cannot change” the company’s culture, which is aimed at protecting its users. Twitter’s CEO said that diversity is the company’s core identity, referring to the lawsuit filed against Musk by the California Department of Fair Employment and Housing, alleging racial discrimination at Tesla. Musk’s offer to purchase Tesla was not detailed by Agarwal, who said the board was considering it.

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