Electric car pioneer Elon Musk plans to spend up to $ 15 billion of his own money to make Twitter private and will launch a second takeover bid in 10 days, it is said.
The billionaire, the second-largest shareholder on Twitter with a 9.1 percent stake, used Morgan Stanley to raise $ 10 billion in debt and will make his next offer in a week and a half, according to the New York Post.
The boss of Tesla, who is currently the richest man in the world with 273 billion dollars, is also seeking a loan against his existing 9.2 percent in the company, which could mean a few billion dollars to make his offer, writes Post.
Shares in the social media app fell nearly 5 percent to $ 46.16 in afternoon trading, a deep discount of $ 54.30 that Musk offered last week in his initial offer for the platform.
The company reached its highest share price in February 2021 at $ 77.06.
Twitter declined to comment on the threat, and Musk, the company’s second-largest shareholder, declined to comment.
It looks like Space X honcho is already working on how to improve Twitter’s performance.
“Social media platform policies are good if the top 10% on the left and right are equally dissatisfied,” he tweeted.
Musk has repeatedly infuriated Twitter staff with oaths to strengthen the defense of the site’s freedom of speech after he was accused of censoring conservative voices with views he considered “harmful.”
Electric car pioneer Elon Musk has threatened to spend up to $ 15 billion of his own money to make Twitter private
The Twitter board is led by Chairman Brett Taylor, who is also co-CEO of business software giant Salesforce.
Musk shared this tweet on Tuesday in a new hint about what his Twitter plans might include
Twitter CEO Parag Agraval (left) and co-founder Jack Dorsey (right) also have seats on the board.
The board of the social media company approved the protection of the “poison pill” last week to prevent the titanium from Silicon Valley of $ 43 billion to accept the company’s offer.
According to the plan, if someone acquires 15 percent of the company’s ordinary shares without the approval of the board, other shareholders can buy additional shares at a discount, thus diluting the share price. The plan is good until April 14, 2023.
“The rights plan will reduce the likelihood that any legal entity, individual or group will gain control of Twitter by accumulating an open market without paying all shareholders an appropriate control premium,” the board said in a statement.
Musk wept over the plan, hinting that the move could cause them problems with the Securities and Exchange Commission.
“If the current Twitter board takes action against the interests of shareholders, they would violate their fiduciary duty,” he tweeted.
The Twitter board is made up of some of the best and brightest in technology, including Brett Taylor, co-CEO of salesforce business software company, MasterCard boss Mimi Alemayehou, Stanford professor Faye-Faye Lee, CEO of 1st Dibs David Rosenblatt and others.
Jeffrey Epstein (left), Pepe Fanjul and Leon Black (right) attended a screening of a film in New York in 2005. Since the publication of this photo, we have been informed that Mr. Fanjul has met Epstein only once and before Epstein be accused. We are happy to clarify this
Leon Black, chairman and CEO of Apollo Global Management LLC, was pictured in 2008.
Together they own 0.12% of the company. The Vanguard Group owns the largest share of 10.3 percent.
Removed Twitter co-founder Jack Dorsey, who owns 2 percent of the company, called the board a “company dysfunction” and said he supported Musk’s takeover.
“Wow, with Jack’s departure, the Twitter board collectively owns almost no shares! From an objective point of view, their economic interests are simply not in line with the shareholders, “Musk tweeted, stirring the pot.
Other investment firms have also said they would like to join the Twitter offer, sources told Reuters on Monday.
Thomas Bravo, a technology-focused investment company, turned to Twitter last week to discuss a counter-offer to Musk.
Apollo Global Management, whose CEO Leon Black withdrew last year more than $ 158 million he paid Jeffrey Epstein for “tax advice”, said he was ready to work with Musk or anyone else who wanted to bid for the company. for social media.
Musk said he would retain 2,000 investors – the maximum allowed – after the private company.
Saudi Prince Alwaleed bin Talal has spoken out against the takeover offer, as have analysts at Morningstar Research.
“While the board will take into account the proposal of Tesla’s CEO, we believe that the probability of Twitter accepting it is probably below 50 percent.”
He has to agree that “really” will be set up if he is denied the opportunity to buy Twitter
Podcast poohbah David Sachs said he supports Musk.
“If the game is fair, Elon will buy Twitter. If the game is set up, there will be some reason why he can’t. We have yet to understand how deep the corruption is, “Sachs tweeted.
To which Musk replied, “Indeed.”
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