Twitter Board Must be Worried about Other Bidders: Elon Musk
Elon Musk, the CEO of Tesla and SpaceX, said on Sunday that other potential bidders should worry the Twitter board more than him, who has made a fair offer to buy 100% of the microblogging network for $43 billion.
He was responding to a Twitter follower who claimed that the business’s board of directors has threatened to decrease its shareholders’ stake in the company, which he described as “criminal carelessness”.
A Musk supporter had this to say: “With the exception of Jack Dorsey, the Twitter Board owns only 0.12% of the company. They have not only rejected @elonmusk’s offer to buy the company for 20% more than its market worth behind closed doors. They have threatened to dilute the company’s position in their shareholders. Is this a case of criminal negligence?”
“To be fair to the Twitter board, this may be more of a concern about other potential bidders versus just me,” Musk said.
Musk is one of Twitter’s major stockholders, with a 9.2% stake.
Last Monday, Vanguard Group said that its funds now possess a 10.3 percent investment in Twitter, making it the company’s largest stakeholder.
Al-Waleed bin Talal, the Saudi prince who turned down Elon Musk’s offer, owns around 5.2 percent of Twitter.
Goldman Sachs, which is recommending the Twitter Board to reject the acquisition, now has a $30 price target on Twitter’s stock, which is 45 percent lower than Musk’s offer.
As Twitter implements a ‘poison pill’ approach to prevent Elon Musk from forcibly acquiring the microblogging platform, the Tesla CEO is said to be in talks with investors who could help him acquire the platform. “A new proposal that includes partners might be announced within days,” according to a report in The New York Post quoting sources.
Musk could join “private-equity company Silver Lake Partners, which planned to co-invest with him in 2018 when he was considering taking Tesla private,” according to Bloomberg. Egon Durban, the co-CEO of Silver Lake, is a member of the Twitter board of directors.
“During the unsuccessful attempt to take Tesla private in 2018, he led Musk’s negotiation team,” according to the report.
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