Twitter stock popped higher Monday, heading closer to Elon Musk’s $54.20-per-share offer, as he bad-mouthed the company’s board amid rumors of other possible bids
In a few unusual tweets of his own, Dorsey also slammed the Twitter board, saying “it’s consistently been the dysfunction of the company” and quoting what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Twitter’s stock was buoyed in part by speculation that others bidders might jump in. Apollo Global Management has been talking with various firms about helping to finance an offer, but there’s nothing concrete. TheCompanies from Disney to Salesforce.com have considered acquiring Twitter in the past but have backed off.
Musk has hinted in yet another tweet that Twitter’s board might not have a choice. “Love me tender,” he wrote, quoting Elvis Presley, and indicating that a hostile tender offer might be coming. That’s an offer to purchase shares of a company made directly to its shareholders, bypassing management.
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