Saturday, September 30, 2023

Elon Musk takes over Twitter?

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Reuters reports that Twitter could accept Elon Musk’s $ 43 billion offer later today (Monday, April 25, 2022). A little less than two weeks ago, Musk made his, as he says, “the best and final” offer to take over Twitter, and only two days before that he bought as much as a 9.1% stake in the company.

Musk’s bid of the aforementioned $ 43 billion, for which he apparently secured funding, estimates Twitter at $ 54.20 per share. Early reports showed that Twitter was not interested in accepting the offer, and the company allegedly prepared solutions to reject the “hostile takeover”.

Reuters says Twitter’s board of directors is expected to meet again today to “recommend the transaction” to shareholders. However, the report says the deal could also fail at the last minute.

Reuters also notes that Twitter failed to provide a “go-shop” provision in its agreement with Musk. Such an agreement would allow the company to seek other offers after signing a contract with Musk, but again, we note that this provision is not currently included.

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Twitter’s acceptance of Musk’s purchase offer could be announced later today. Musk said he believes Twitter must become private in order to “thrive”.

This is how Elon Musk himself explained it:

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.

 

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SourceReuters

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