As Tesla chief Elon Musk has launched a hostile takeover effort for Twitter with a $43 billion cash takeover offer, CEO of Indian e-commerce company Snapdeal Kunal Bahl has cracked a joke on Twitter on this multi-billion dollars bid.
CEO Kunal Bahl has suggested to Musk that instead of buying Twitter, he can buy Sri Lanka, the country which is witnessing its worst economic crisis with prices of food items such as a kilogramme of rice soaring to 500 Sri Lankan rupees, report livemint.com.
Bahl wrote a WhatsApp viral on Twitter in which he said that Elon Musk's Twitter bid is $43 billion and Sri Lanka's debt is $45 billion. "He can buy it and call himself Ceylon Musk," Bahl wrote with a laughing emoji. Ceylon is Sri Lanka's other name.
Musk has recently announced that he would pay $54.20 per share for Twitter, valuing it at about $40 billion. His announcement came just days after he became the biggest shareholder of the microblogging site after he built up a large stake in the firm.
On April 4, Elon Musk purchased 9.2 per cent of the Twitter stock, making him the largest shareholder in the company. However, now the tech titan wants to buy the entire company, saying the social media company needs to be transformed privately.
He said that if his offer was not accepted: "I would need to reconsider my position as a shareholder". Musk also said that if the board of directors at Twitter chose to reject the offer, it would be "utterly indefensible not to put this offer to a shareholder vote".
"They own the company, not the board of directors," he wrote.