Breaking: Elon Musk Gathers Twitter Shareholders’ Trust, Forces Twitter to Renegotiate
As per sources, Twitter has once again started fresh negotiations with billionaire Elon Musk on Sunday, April 24, for a complete takeover of the company. In recent days, Musk has managed to woo Twitter (NYSE: TWTR) shareholders who have thrown their weight backing the billionaire for a $43 billion takeover offer.
Last Thursday, Elon Musk outlined a detailed financing plan for the Twitter takeover. He said that Twitter needs to be taken private to make it a genuine and trusted platform for free speech. Musk has put a bid offer at $54.20 per TWTR stock which is currently trading at $48.0.
Sources familiar with the matter said: “Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate”. Citing sources familiar with the matter, WSJ reported:
“Mr. Musk met privately Friday with several shareholders of the company to extol the virtues of his proposal while repeating that the board has a “yes-or-no” decision to make”. He further “”pledged to solve the free-speech issues he sees as plaguing the platform and the country more broadly, whether his bid succeeds or not”.
Musk also reached out to some select shareholders of Twitter in a series of video calls while focusing on the actively managed funds.
Elon Musk’s War With Twitter
After Elon Musk made a bid for a complete takeover, social media giant Twitter decided to adopt the “poison pill”. The goal was to prevent Musk from raising more than a 9% stake in the company. However, Musk launched a tender offer while garnering shareholders’ support for this bid.
However, some of the existing shareholders of Twitter have argued that the proposed bid by Musk is below the intrinsic value of the company. But sources said that Musk can increase his bid in that case! One of the fund managers who has invested in Twitter said:
“I wouldn’t be surprised to wake up next week and see Musk raise what he called his best and final offer to possibly $64.20 per share”.
Earlier, Elon Musk proposed some changes with a paid subscription model for Twitter Blue services to control the bot army. He even proposed Dogecoin payments for this subscription.
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