Elon Musk Buys Twitter: Everything You Need to Know about the Deals?
It was on April 14th that Elon Musk made an offer to buy Twitter for $54.20 a share. On April 25, Twitter agreed to the deal.
In this story, there are a lot of fast-moving parts. This is a big story. Besides, it’s likely to be a story that lasts for a while. If you’re reading this, we thought we’d put together a guide for you that we can keep up to date as things change. Because we love you, just like Elon.
Elon Musk Buys Twitter For $44 Billion
That was quick. At a meeting on April 25th, the Twitter board of directors agreed to accept an offer from Tesla CEO Elon Musk of $54.20 per share for full control of the company. This would be $44 billion. He said it would cost on April 14th in his first offer. After the deal is done, Twitter will become a private company.
Twitter Is on Track To Reach Deal With Musk As Soon As Monday
The will he or won’t he buy Twitter story is coming to an end. A deal could be announced as soon as Monday. Bloomberg says that Twitter and Musk are nearing the end of their talks. The New York Times says that Twitter’s 11 board members were negotiating with Elon Musk into the early hours of Monday. Many media outlets say that Twitter’s board was mulling over Musk’s funded offer over the weekend. Reports say that Twitter’s earnings will be released on Thursday. By then, the company is likely to have made a decision about Musk’s offer, says the Wall Street Journal.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
How Did Musk-Twitter Saga Begin?
It was a thousand years ago on April 4, 2022, that Elon Musk said he had bought 9.1% of Twitter. The news that the world’s richest man was briefly the largest shareholder in his favorite social media platform sent the stock price skyward and many people were typing on their keyboards. This is what happened:
By tweeting a poll, Musk asked for ideas on how to improve Twitter. People at the company said they’d like to give him a seat on the board, which would have kept him from owning more than 15% of it. He said yes at first. Then he said no. Then, our experts on Twitter and Elon Musk, Casey Newton and Liz Lopatto, looked into why Musk was flirting with Twitter and what the most likely outcomes would be.
The Sec Filings Were the First Hint That Musk May Try to Go Big
After he turned down a seat on Twitter’s board, Musk updated his SEC filing to say that he would not be a passive player in the company’s business. The language that said he would only own 14.0 percent of the company has been changed. In hindsight, this was the first sign that he was going to do something more important than just buy some stock or be on the board.
Musk’s Offer to Buy Twitter Didn’t Seem Likely at First
People other than Casey Newton didn’t think that Musk would try to take over Twitter in a way that was not a friendly one. News broke that Musk had bought 9.1% of the company’s shares. Many people thought Musk might try to buy the whole company at first, but soon realized he had already got everything he wanted from Twitter.
Casey was right when she said that Twitter’s poison pill provisions might not be enough to stop Musk from taking over the company. But he also thought that Musk would keep joking around with the company through his tweets, which is still a very good bet.
Musk Says His Offer To Buy Twitter Is His “Best And Final”
A “best and final” offer is something that everyone who’s ever tried to buy a house knows about. In his first statement, Musk says that his plan to buy Twitter is just that. Whether that helps him or puts him in a corner isn’t clear yet. It’s too soon to say. Then, it’s clear that he is giving Twitter’s shareholders a good deal: $43 billion for a company with a $37 billion market value, which is a good deal.
Musk says that Twitter needs to become private so that it can make the changes that need to be made to it. Editing is easier, there’s less moderation, and there’s a higher standard for taking down tweets that aren’t good.
Musk Isn’t Trying To Buy Twitter To Make Money, In Case You Were Wondering
Musk is very rich. So, of course, he would say that he doesn’t want to buy Twitter to make money. If Twitter is the “real town square,” he wants to make the algorithm for it public. He wants to make the whole takeover bid seem like a fight for free speech.
But even a free speech fanatic like Tesla CEO Elon Musk has to convince shareholders that his buyout offer is in their best financial interests. This is even true even though Musk is a fan of free speech. There would be no point in us coming to this meeting.
Is Musk Serious About Buying Twitter, Or Is He Just Trolling?
Musk has a lot of followers on Twitter. As Liz Lopatto says, he is also a troll. A lot of people who work in corporate governance say they don’t believe that Musk thought this whole thing through.
He hasn’t found the money to buy Twitter and make it his own. He is working with Morgan Stanley, but it’s not clear if he’s paying attention to what they say. Musk said that he might not win in the end. If he can get Twitter to make the changes he wants, he might back out of the deal. Everything is possible.
Twitter’s Board Views Musk’s Offer Is Unwelcome
They are planning how to respond to the world’s richest man’s plan to take over Twitter, but they aren’t telling anyone. There’s the poison pill, as well as other rules in the company’s bylaws, that could make it very hard for Musk to take over.
Twitter Employees Are Told To Strap In For A Long Ride
Weird: The first all-hands meeting after Tesla CEO Elon Musk’s bid went public was a weird one. Backstreet Boys and Aretha Franklin played for the workers. The company said it would keep looking into the offer.
Employees told Alex Heath that they didn’t like that he didn’t give them a more detailed answer. They’re worried about the future of the social media platform, as well as the possibility of layoffs at the company that makes it.
Musk’s Understanding Of “Free Speech” Is Shaky At Best
Hours after he said he wanted to buy Twitter, Musk was on stage in Vancouver for a well-timed interview with Chris Anderson, the founder of TED Talks, who was there. When the two talked, Musk talked about his “obsession with the truth” and how he wants to protect free speech and democracy.
But, as Adi Robertson points out, he doesn’t seem to know what free speech is at all. After looking at Musk’s comments and Twitter’s previous efforts to deal with speech laws around the world, she thinks that Musk might be in for a shock if he buys the social media platform.
You can’t put into words how much fun this has been so far. This is what he does. He’s going to join the board. He’s not going to join the board. He could buy even more stock. There’s no way! He wants to buy the whole megillah! This thing has more twists than a Shyamalan movie, but it’s not the same. So far, we haven’t even made it to the middle.
“Poison Pill” is the term used by TWITTER’S BOARD to stop MUSK from taking over.
A poison pill was put on Twitter the day after Tesla CEO Elon Musk said that he wanted to buy the company. Board: “Thanks, but no thanks,” is how they say it.
The poison pill is made up of a new “shareholder’s rights plan” that gives some shareholders the right to buy more stock if Musk or another buyer tries to take over the company. It also shows that Twitter’s board wants to fight against Musk’s plan to become the sole owner of the company.
Musk Lays Out Financing For Twitter Takeover
A new filing with the SEC shows how Musk plans to get the $46.5 billion worth of loans he needs to pay for the buyout offer he made on April 14th. This will help him pay for the deal. The money will come from two debt commitment letters from Morgan Stanley Senior Funding, in which the bank promises to give the company a total of $25.5 billion in loans over several years. The rest of the $21 billion will be paid for by Tesla CEO Elon Musk.
It’s important to note that the filing doesn’t say that Musk has any equity partners to help with the money. The CEO of Tesla already owns a 9% stake in Twitter, which is worth about $2.9 billion.
Musk Finds The Money To Buy Twitter — Now What?
Musk whisperer Elizabeth Lopatto talks about the billionaire’s most recent filing with the Securities and Exchange Commission. She thinks that the information in it gives his plan a lot more weight. She also talks about why he hasn’t been able to find any other investors, and if Twitter will be able to find a buyer to scare off Musk by itself.
Finally, she thinks about what would happen if Musk did well. A lot of Twitter employees would leave and Musk would make a lot of changes, and maybe even bring back Donald Trump. Great times!
House Republicans Want Twitter To Keep Records.
Republicans are in a rage about Twitter’s efforts to stop Tesla CEO Elon Musk from making a deal with the company. CNBC says that House Republicans, led by Rep. Jim Jordan (R-Ohio), are asking the board to keep all records of the deal, which could set the stage for a hearing if the party takes control of the House after the midterms.
If you remember, conservatives love to attack Twitter because they say the social media company is censoring people. Most of the time, they don’t have any proof.
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