Twitter's board members are still rejecting the offer of Elon Musk to buy the giant social media platform. Recently, the popular billionaire made headlines after becoming the largest shareholder of Twitter.
Now, he is planning to buy the online platform. Musk said he wants to purchase 100% of Twitter's shares, offering $54.20 per share in cash.
If Twitter's board members accept, the billionaire can really buy the social media giant since his net worth is currently juggling around $277 billion.
Meanwhile, Twitter's total valuation is $37 billion. But, the CEO said that he is willing to buy all of its shares for $43 billion, as reported by The Verge.
Why Twitter's Board Members Reject Elon Musk's Offer
CNBC's Jim Cramer, a reliable American EV personality, claimed that Twitter's board members have no choice but to refuse the purchase offer of the Tesla CEO.
"They have no choice but to reject it. If they say, 'we accept,' they're phony. And they're not phonies," said the journalist.
On the other hand, Twitter's Board of Directors said that they are still reviewing the offer of the billionaire since this is the best action they can do. They added that checking the proposal of Musk will benefit all Twitter stockholders.
But, Cramer explained that it would be the board members' personal liability if they accept the CEO's purchase proposal, warning that if Musk is able to purchase the social media giant, it will be a sign that the board members are not really doing their job.
Meanwhile, the acquisition offer Elon seems to affect Tesla.
Tesla's Shares are Now Falling
After Elon made the controversial Twitter purchase proposal, Tesla's shares seemed to dip. As of press time, the value of the automaker's stocks has already decreased by 14%.
This could affect Tesla, especially since the EV maker is already facing some production issues in Shanghai due to the citywide lockdown conducted by Chinese officials.
Meanwhile, Twitter's employees shared their disappointment regarding the ongoing issue with Elon Musk and the online platform.
On the other hand, Jeff Bezos and Marc Andreesen responded to the billionaire's suggestion to make Twitter's HQ into a homeless shelter.
For more news updates about the controversial Twitter purchase proposal of Musk and other similar stories, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
