Twitter (TWTR, $46.87) shares move higher, after Musk's tender offer and his tweet on board elimination

Micro-blogging website Twitter shares climbed on Monday, but are still lower than the takeover bid offered by Elon Musk last week.

Musk , Tesla’s CEO, tweeted on Monday that he would eliminate all board members, taking collective salaries to "$0 if my bid succeeds, so that’s ~$3M/year saved right there".

Last week, Musk announced a surprise $43 billion takeover bid, around a week after he had submitted a filing with the Securities and Exchange Commission mentioning that he was a passive investor in Twitter.  This led to Twitter adopting the strategy of  a ‘poison pill’ defense (where the strategy allows existing shareholders to buy more Twitter stock at a discount should any one, or a group of, investors try to gain control of 15% of the company without board approval). Twitter’s adoption of the poison pill tactic puts Musk’s  takeover on hold at present.