Musk’s Desire To Seize Control Over Twitter Doesn’t Waver
Twitter board is intent on fending off Elon Musk’s hostile bid to buy the microblogging website for $43 billion.
But the billionaire’s determination doesn’t falter. It has been tested a lot of times back in 2017, 2018, and 2019 – Tesla’s most challenging years. The company was on the verge of bankruptcy but with Musk’s unwavering dedication, Tesla rose to become one of the biggest companies in the world in terms of market cap.
Elon Musk offered to buy Twitter for a whopping $43 billion. He officially filed the bid with the SEC on April 14, five days after the day that would have been his first board meeting. The offer is quite generous at $54.20 per share, which represents a 38% premium over the closing price of the common stock on April 1st 2022, the trading day before Musk’s investment in Twitter was publicly announced.
The odds are not in his favor according to the experts. Especially after the board has launched a new “shareholder’s rights plan” aka “poison pill” to block the offer. This reinforces shareholders and enables them to realize the full value of their investment in Twitter.
He then turned to launching a social media campaign to sway public opinion on his side.
“Taking Twitter private at $54.20 should be up to shareholders, not the board,” he asked.
He then uploaded a photo showing the shares of each board member, which according to him is nothing. “Objectively, their economic interests are simply not aligned with shareholders,” he added.