Tesla CEO and America's richest man Elon Musk is stepping up his bid to acquire Twitter.
over 2018 tweets in which he suggested he had funds to take Tesla private, something securities regulators later found to be false. on the social network. His acquisition offer letter underscored this issue, with Musk flagging his focus on"free speech."
Musk has now turned to criticizing Twitter's board, saying that if he were in charge he would save $3 million a year by slashing boardmembers' salaries to zero. He also pointed out that board members collectively own just a tiny financial stake in Twitter, showing that their"economic interests are simply not aligned with shareholders.
"He may decide it's not worth it and that he sent a political signal to exert pressure," Groth said."Now all eyes are on Twitter, and the clock is ticking." Although Musk has said his initial offer is"final," Musk may have to raise the bid to satisfy other shareholders. A Saudi prince who is among Twitter's major shareholders scoffed at the offer last week in a tweet. Al Waleed bin Talal said he didn't believe $43 billion is close to Twitter's value given its growth prospects.The Associated Press contributed to this report.
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