April 19 (Reuters) – Entrepreneur billionaire Elon Musk tweeted a series of hyphens for a missing word, followed by “It’s Night”, days after offering to buy Twitter Inc (TWTR.N) for $ 43 billion.
The offer from Musk, who hinted at the possibility of a hostile offer, prompted the social media company to take a “poison pill” to defend itself.
Musk, who is also the CEO of electric vehicle maker Tesla Inc (TSLA.O), tweeted “Love Me Tender”, a song by Elvis Presley, on Saturday after Twitter chose a plan to sell discounted shares to prevent any attempt by shareholders to accumulate a share of more than 15%. Musk currently has a 9.1% stake. Read more
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The New York Post reported on Tuesday that Musk was willing to invest between $ 10 billion and $ 15 billion of his own money to make Twitter private, citing two sources familiar with the matter.
The billionaire, the second-largest shareholder on Twitter, plans to hold an auction in about 10 days and has lured Morgan Stanley to raise another $ 10 billion in debt, according to the report.
Musk may also be willing to borrow against his current stake, if necessary, a move that could likely raise several billion dollars, according to a New York Post report.
Tesla CEO Elon Musk leaves Manhattan Federal Court after hearing on a fraud agreement with the Securities and Exchange Commission (SEC) in New York, USA, April 4, 2019. REUTERS / Brendan McDermid
Twitter declined to comment. Tesla did not immediately respond to Reuters’ request for comment from Musk.
More private equity companies have expressed interest in participating in a Twitter deal, people familiar with the matter told Reuters on Monday, without giving the company name.
The interest came after Thoma Bravo, a technology-focused private investment company, contacted the social media platform last week to investigate a buyout that would challenge Musk’s offer.
Apollo Global Management Inc (APO.N) is considering ways to secure funding for each deal and is open to working with Musk or any other candidate, sources told Reuters.
Many investors, analysts and investment bankers expect the Twitter board to reject Musk’s offer in the coming days, saying it is inadequate.
(History corrects to remove the reference to potential returns in paragraph 7.)
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Report by Sonia Chima, Yuvraj Malik and Akriti Sharma in Bangalore; Edited by Anil D’Silva and Shunak Dasgupta
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