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Nexo

Elon Musk Dangles $43 Billion For Twitter Buyout – A ‘Hostile’ Takeover?

Jet Encila by Jet Encila
1 month ago
in News, Trending
0

Now, Elon Musk wants to own Twitter.

Yup.

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Musk has unleashed a takeover attempt for Twitter on Thursday, offering $43 billion, or $54.20 per share, in a filing with the US Securities and Exchange Commission – just weeks after becoming the social media giant’s largest individual shareholder.

The guy has the wherewithal to do whatever he wants, whenever he wants.

“I am offering to acquire 100% of Twitter for $54.20 per share in cash, a 54 percent premium to the day before I began investing in Twitter and a 38 percent premium to the day before my investment was publicly disclosed,” Musk said in quotes by multiple news outlets, Thursday.

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The billionaire, dubbed “The Dogefather,” is one of Twitter’s most-watched firebrands, frequently tweeting memes and taunting his more than 80 million followers.

Twitter Shares Soar After The News

Twitter (TWTR) shares increased nearly 18% in pre-market trade on Thursday. The stock remains well below its 52-week high of around $73. Tesla’s stock dipped almost 1.5 percent in early trading in response to the news.

Musk’s buyout offer for Twitter is his “best and final,” he said, adding that the company possesses exceptional potential that “I will unlock.”

He said that if his offer is rejected, he will have to reevaluate his shareholder position.

An Aggressive Move By Musk

Musk, the world’s wealthiest man, clarified that his offer was not a “threat,” but rather “it’s simply not a good investment without the changes that need to be made.”

However, Neil Campling, director of TMT research at Mirabaud Equity Research, believes that “this becomes a hostile takeover offer that will cost a significant amount of money.”

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

Musk told Bret Taylor, the board’s chairman:

‘I invested in Twitter because I believe it has the ability to serve as a global forum for free speech, and I believe that free speech is a societal requirement for a functioning democracy.”

The outspoken CEO has also frequently used Twitter to discuss cryptocurrency, including his thoughts on Bitcoin and – perhaps – his favorite coin, Dogecoin.

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DOGE reached an all-time high of $0.75 in May last year as a result of this recognition. Dogecoin has firmly established itself among CoinMarketCap’s Top 15 biggest cryptocurrencies in terms of market capitalization.

Rejecting The Board Offer

Musk was offered a seat on Twitter’s board of directors following the disclosure of his shareholding, which he declined last week.

As a board member, Musk would be restricted to own more than 15% of the company.

Since then, much conjecture has centered on the billionaire’s next move.

Suggested Reading | Belarus-Based Crypto Exchange Stops Operations For Russians Over Invasion Of Ukraine

He Was ‘Dissatisfied’ So He Wants To Buy Twitter

He offered to buy out Twitter because he said he was dissatisfied with the influence that comes with being the largest shareholder.

Musk is currently worth more than $260 billion, according to the 2022 Bloomberg Billionaire’s Index, compared to Twitter’s market value of approximately $37 billion.

Musk did not elaborate on how he planned to finance the acquisition. He said he had chosen Wall Street giant Morgan Stanley as his financial advisor for the transaction.

Featured image from Wccftech, chart from TradingView.com
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Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

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