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Elon Musk tweets hints at possible tender offer to Twitter shareholders

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CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing “Cyber ​​Rodeo” grand opening party on April 7, 2022 in Austin, Texas.

Suzanne Cordeiro | AFP | Getty Images

Elon Musk on Saturday posted a cryptic tweet that said “Love Me Tender,” suggesting he was either listening to Elvis or possibly considering a potential tender offer to Twitter shareholders to take control of the company.

A tender offer would be the latest in the saga over his dramatic bid to take control of Twitter. Another tweet suggests that Musk believes shareholders should decide the future of the company, not the board.

Shares of Twitter were up more than 3% in premarket trading.

“Wow, with Jack departing, the Twitter board collectively owns almost no shares!” he also tweeted Saturday, referring to former CEO Jack Dorsey, who will step down from the Twitter board this year. “Objectively, their economic interests are simply not aligned with shareholders!”

The Tesla and SpaceX CEO last week offered to buy Twitter for $54.20 a share, which would value it at about $43 billion. On Friday, Twitter adopted a limited duration shareholder rights plan, often referred to as a “poison pill,” in an effort to fend off a potential hostile takeover.

Musk in recent weeks has amassed a more than 9% stake in the company. Twitter then extended an offer to Musk to join the board, but on the condition that Musk couldn’t buy more than 14.9% of the firm. Musk reversed course and instead made a bid to take Twitter private.

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