Twitter’s Board of Directors are currently in final talks to sell the company to billionaire Elon Musk, who proposed an unsolicited offer to buy the social media platform and privatise it. Elon Musk is Closer to Taking Over Twitter at $43 Billion Bid
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According to reports, Twitter is now in the final stages of negotiations with Musk to buy the business.
The 11-member board negotiated with him into the early hours of Monday after Twitter had initially snubbed the billionaire’s approach.
A Reuters report says an announcement of the acquisition may come up later on Monday after Twitter’s board meeting and the acceptance of recommendations of the deal by its shareholders.
Also, Twitter shares rose almost four per cent to $50.62 on Monday following the acquisition reports but remained below Musk’s offer price of $54.20 a share.
As of Monday, no agreement has been finalised. Musk’s $43 billion hostile takeover bid follows his plan that would allow shareholders to purchase additional stock.
Musk who is also the boss of electric carmaker Tesla had in early April bought a 9.2 per cent stake in the social media company.
Twitter had put in place a so-called “poison pill” defense to fend off Musk. The mechanism would have created difficulties for Musk if he attempted to increase his stake in the company.
However, Twitter appears to have made a U-turn after Musk lined up a $46.5 billion financing package for his offer – with funding from his own assets and the backing of Wall Street banking giant Morgan Stanley and other firms.
Musk said that he believes that Twitter should be more open and transparent, and also criticised its process of verifying a Twitter account saying it was like “if Kafka had a Magic 8-Ball!”.
“I think it’s very important for there to be an inclusive arena for free speech,” he said at the TED2022 conference in Vancouver, Canada.
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The billionaire, who is the world’s richest man according to Forbes magazine, has also hinted at his plans for Twitter.
He also asked his 83.3 million followers on Twitter if the social media platform should allow people to edit their posts – 74 per cent of those who responded wanted an edit button.If approved, the deal would put the world’s richest man in charge of one of the world’s most influential social media platforms.Musk has repeatedly stressed in recent days that his goal is to bolster free speech on the platform and work to “unlock” Twitter’s “extraordinary potential.”
Facts About Elon Musk
Why is Elon Musk famous?
How did Elon Musk become famous? Elon Musk cofounded the electronic payment firm PayPal and founded the spacecraft company SpaceX. He became chief executive officer of the electric-car maker Tesla.
Is Elon Musk genius?
Is Elon Musk related to Tesla?
As the co-founder and CEO of Tesla, Elon leads all product design, engineering and global manufacturing of the company’s electric vehicles, battery products and solar energy products.
What is Elon Musk IQ level?
It is estimated that Elon Musk’s IQ is around 150 to 155. Great geniuses like Einstein and Hawking had an IQ of 160, which puts Elon in a very great position. He can actually be considered a genius, lets get to that later in the article.
How fast does Elon Musk read?
Speed Reading — Elon Musk – Level 3 — 100 wpm. Every December, TIME magazine announces its Person of the Year. This year, that award goes to the groundbreaking entrepreneur Elon Musk.
Who was Tesla’s wife?
Tesla never married, but he admitted to falling in love with a very special white pigeon that visited him regularly. He reportedly said, “I loved that pigeon as a man loves a woman, and she loved me.
Who is on the SpaceX?
These are the four people launching on SpaceX’s first ISS space tourism mission. The AX-1 passengers. Left to right: Michael López-Alegría, Mark Pathy, Larry Connor, Eytan Stibbe.