Twitter’sThe board cannot reject Elon Musk’s application because it has no other choice. offer to buy the company at $54.20 per shareAccording to Jim Cramer, CNBC.

Cramer stated that “they have no other choice than to reject it.” Cramer spoke on Thursday’s “Squawk On the Street”. They’re lying if they claim they accept. They’re not fakes.

Cramer warned that Musk’s proposal could lead to “personal liability,” if accepted by the board. Musk would be valuing the company at $43 billion.

Cramer stated, “This is one where they’re literally not doing what they should be doing, there’s no fiduciary obligation if they simply say, you know, we take it.” It is possible for individual directors to be opened up for an unfiduciary level that crosses the line. It crosses the line.

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WATCH: Elon Musk decides not to join Twitter’s board of directors