Elon Musk, the world’s richest man who launched his attempt to buy Twitter on Wednesday, has responded to his own tweet over the age of four, sharing his interest in the social media site.
‘I Love Twitter’, Musk announced in a December 2017 tweet.
‘How much is this?’, He replied after a few minutes.
This tweet, of course, was forgotten by everyone except Musk, who received a follow-up response from the billionaire on Friday night with an inverted smiley emoji.
Elon Musk tweeted his love on Twitter in December 2017
Musk repeated the tweets early Saturday morning with an inverted smiley emoji
Although Musk at the time teased the prospect of buying the social media site, Musk has now put his money where his mouth is with a $ 43 billion auction for the company.
Musk’s offer, which he said was final, valued Twitter at $ 54.20 a share – above the closing price before his auction, but below the high of $ 77.06 in February last year.
On Thursday, CEO Barack Agarwal told staff that he was still weighing in on Musk’s offer.
But on Friday, Twitter’s board announced a dramatic ‘poison pill plan’ to prevent Musk from further increasing its stake in the company.
The board showed that the acquisition of more than 15 per cent of the company’s shares without its equity would trigger a plan to fill the market with shares, thus making it more difficult to buy.
Some interesting responses to the Musks tweet were posted a few hours ago from 2017
This is a difficult moment that will result in lawsuits from all concerned, even with a moderate and inflexible plan to help the Board argue for rejection.
Kevin Kaiser, a professor of finance at the Warden School, said the Twitter team needed to put forward an argument that the company was worth too much to succeed in thwarting Musk’s offer.
Stakeholders who consider the board rejecting a lucrative deal can file a lawsuit against Twitter.
Musk is trying to get off the board and buy shares directly from shareholders in the market, but that could lead to tough negotiations with some stockholders for more money.
Kevin Kaiser, a professor of finance at the Warden School, said the Twitter board under the Delaware Act has a limited ability to block tenders offered directly to shareholders, which Elon Musk did not do, but he could do so if he chooses to.
‘If he does this, he can win without the need for group support or approval if the shareholders choose to tender their shares.’
Musk, in response, is now reportedly appointing others to join his effort, the New York Post reported Friday night.
At a TED conference pictured above, Musk said he had enough funds to conclude the deal, but financial analysts described the situation as “very complicated”.
Twitter’s share price is below Musk’s offer of $ 54.20, which indicates that the market is uncertain whether his bid will be accepted by the board.
While Forbes estimates the net worth of the serial entrepreneur is $ 265 billion, his wealth is not waiting to be spent in a bank account.
Musk told a TED conference he had enough money to pay for the deal, but financial analysts described the situation as “very complicated”.
Much of Musk’s wealth comes from the shares of Tesla, the electric car maker he runs.
Musk must convert part of his Tesla into cash by selling shares in his Tesla or by mortgaging the shares and taking out loans.
Details on how Musk will fund the deal will determine Twitter’s changes, Moody’s said in a note to investors.
Moody’s estimates that it will cost Musk $ 39 billion to buy all the outstanding Twitter shares, and that he will have a “strong chance” to repay or refinance the San Francisco-based company’s billions of dollars in existing debt.
That was before Twitter’s poison pill move to raise the price of musk.
Musk tweeted a poll that he may have been thinking about taking his bid directly to shareholders.
He asked that it be not the board but the shareholders who should take the company privately at the price offered.
By the end of Friday’s poll, more than 2.7 million votes had been cast, with nearly 84 percent of those in favor of the idea.
Selling a large stake in Tesla to buy Twitter will come with a big tax law based on capital gains, and the shares of the electric car company will sink as the market is full of stocks for sale.
Musk can hold his shares and borrow and absorb interest payments. Or he may be teaming up with a deep pocket, but it could come up with an administrator with a strong desire for someone to respond to the decisions he makes on Twitter.
On Thursday, Musk tweeted that if the Twitter board turned down his offer, they would slander their partners with ‘Titanic’.
Musk said that if the Twitter board turned down his offer, they would slander their partners ‘Titanic’.
He says he wants to own a site that is not ‘for making money’, but rather to strengthen freedom of speech.
Speaking at a TED conference in Vancouver on Thursday, Musk said, ‘This is not about the economy.
‘My strong instinct is to have a public platform that is as reliable and broadly inclusive as possible for the future of civilization.
‘Twitter has become a real city square, so it’s important to have both the reality and the notion that people can speak freely within the confines of the law.’
He said he did not know he could achieve it – but said he had Plan B if the board turned down his offer. He declined to say what it would be.
Elon Musk responded with a smiling emoji to the meme version of the classic ‘Destroyed Boyfriend’ mocking Twitter board.
Kasturi enjoyed the play.
On Friday, he mocked Twitter’s board of directors for trying to prevent him from making $ 43 billion in hostile acquisitions.
A Twitter user mocked the Twitter board and tweeted the meme version of the classic ‘Destroyed Boyfriend’.
The size of Musk’s unsolicited bid is $ 54.20 per share as ‘Twitter investors’ are happy, while ‘Twitter investors’ look on with disgust, while ‘Twitter board’ longs for the option of ‘having an easy show that gives me shares’.
Musk responded to the meme with a smiling emoji.
Musk responded to another account poll by saying, “Thanks for the support!”
Despite Twitter’s latest move, Musk is still able to bypass the board and capture the company in a proxy battle by voting for current directors – this strategy could take years to implement.
Musk had previously responded Reports say the board is considering the ‘poison pill’ scheme by tweeting: ‘If the current Twitter board takes action contrary to the interests of shareholders, they will be violating their trusted obligation.’
‘That way the responsibility they consider will be on a titanic level,’ he added, apparently referring to potential partner cases.
Twitter is headed by team leader Brett Taylor, who is also co-CEO of sales software company Salesforce.
Twitter CEO Barack Agarwal (left) and co-founder Jack Dorsey (right) also hold board seats.