After he was out bided by Vanguard Investment group in his move to buy Twitter, the world’s richest man, Elon Musk has somewhat activated his much-touted Plan B. Musk had submitted a $43bn bid to buy over the social media giant, Twitter on Thursday, April 14, 2022, but later in the day at the TED conference recently said that he has enough funds to acquire the microblogging site and already has a Plan B handy if the board decides not to give in to his offer, Forbes report said.
The Tesla CEO said he can buy the company, stating that he has enough cash to make it happen, as doubts persist over his liquidity since it is believed that most of his money is tied up in Tesla and stocks. The SpaceX billionaire said he will activate his Plan B if the board of directors, which he rejected to join earlier in the week, refuses to discuss his offer.
This is contrary to what the business mogul had said during his filings with the Securities and Exchange Commission where his offer to buy over Twitter was said to be his best and final offer. He said the reason he wants to buy the social media firm is that it is the de facto town square and says it is important for it to maintain the tenets of free speech in society.
Musk revealed that he is not concerned about making money from the company, saying he wants to convert the company to an open-source where users could review code, rather tweets. The poison, according to experts was developed in the 1970s to forestall hostile take over of companies. It essentially requires that current investors lower the price of shares of companies that is a target of hostile takeover so as to make it less attractive.