On April 14, Elon Musk made an offer to buy Twitter for $54.20 a share. On April 25, Twitter accepted the deal.
In this story, there are many fast-moving parts. This is a great story. Plus, it’s likely to be a story that will last 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 fast. At a meeting on April 25, Twitter’s 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 April 14 in his first offer. Once the deal closes, Twitter will become a private company.
Twitter is on track to reach an agreement with Musk as soon as Monday
The story of whether or not to buy on Twitter 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 all 11 members of Twitter’s board of directors were negotiating with Elon Musk until early Monday morning. Many news outlets say that Twitter’s board of directors was considering Musk’s funded offer over the weekend. Reports say Twitter’s earnings will be released on Thursday. By then, the company will likely have made a decision on Musk’s offer, says the Wall Street Journal.
🚀💫♥️ Yesssss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
How did the 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 soaring and many people were typing on his keyboards. This is what happened:
Tweeting a poll, Musk asked for ideas on how to improve Twitter. The people at the company said they would like to give him a seat on the board, which would have prevented him from owning more than 15% of it. He said yes at first. So he said no. Then our Twitter and Elon Musk experts Casey Newton and Liz Lopatto broke down why Musk was flirting with Twitter and what the most likely outcomes would be.
The documents filed with the Sec were the first hint that Musk might try to go big.
After turning down a seat on Twitter’s board, Musk updated his SEC filing to say he would not be a passive player in the company’s business. He has changed the language that said he would only own 14.0 percent of the company. In retrospect, this was the first sign that he was going to do something more important than just buy stock or be on the board.
Photo Credit: Fox Business
Musk’s offer to buy Twitter didn’t seem likely at first
People other than Casey Newton didn’t think Musk would try to take over Twitter in any way that wasn’t friendly. It was learned that Musk had bought 9.1% of the company’s shares. Many people thought that Musk might try to buy the entire company at first, but they soon realized that he had already gotten everything he wanted from Twitter.
Casey was right when she said Twitter’s poison pill provisions might not be enough to stop Musk from taking over the company. But he also thought that Musk would continue to tease the company through his tweets, which is still a very good bet.
Musk says his offer to buy Twitter is his “best and last”
A “best and final” offer is something everyone who has ever tried to buy a home knows about. In his first statement, Musk says that his plan to buy Twitter is just that. It’s not yet clear if that helps him or puts him in a corner. It’s too soon to say that. So it’s clear that he’s giving Twitter shareholders a good deal: $43 billion for a company with a market value of $37 billion, which is a good deal.
Musk says Twitter needs to go private in order to make the necessary changes. Editing is easier, there’s less moderation, and there’s a higher standard for removing bad tweets.
Musk isn’t trying to buy Twitter to make money, in case you were wondering
The musk is very rich. So of course I would say you don’t want to buy Twitter to make money. If Twitter is the “true town square,” it wants to make the algorithm public. He wants to make the whole takeover bid look like a fight for free speech.
But even a free speech fanatic like Tesla CEO Elon Musk has to convince shareholders that his takeover offer is in their best financial interests. This is even true despite the fact that Musk is a fan of free speech. There would be no point in our coming to this meeting.
Is Musk serious about buying Twitter, or is he just kidding?
Musk has a large following on Twitter. As Liz Lopatto says, he is also a troll. Many people who work in corporate governance say they don’t think Musk thought of all this.
He hasn’t found the money to buy Twitter and make it his own. He is working with Morgan Stanley, but it is not clear if he is 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 considers Musk’s offer unwelcome
They’re planning how to respond to the world’s richest man’s plan to take over Twitter, but they won’t tell anyone. There is the poison pill, as well as other rules in the company’s bylaws, that could make it difficult for Musk to take control.
Twitter employees told to buckle up for a long drive
Weird: Everyone’s first meeting after Tesla CEO Elon Musk’s offer went public was weird. Backstreet Boys and Aretha Franklin played for the workers. The company said it would continue to study the offer.
The employees told Alex Heath that they didn’t like that he didn’t give them a more detailed answer. He worries 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 took the stage in Vancouver for a timely interview with Chris Anderson, the founder of TED Talks, who was there. When the two spoke, Musk spoke 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. After looking at Musk’s comments and Twitter’s previous efforts to deal with speech laws around the world, she thinks Musk might be surprised if he buys the social media platform.
Words cannot express 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 shares. There is no way! He wants to buy all the megillah! This thing has more twists than a Shyamalan movie, but it’s not the same thing. So far, we’re not even halfway there. “Poison Pill” is the term used by the TWITTER’S BOARD to prevent MUSK from taking control. He took a poison pill on Twitter the day after Tesla CEO Elon Musk said he wanted to buy the company. Board: “Thanks, but no thanks”, that’s how they say it.
The poison pill is made up of a new “shareholder rights plan” that gives some shareholders the right to buy more shares if Musk or another buyer tries to take over the company. It also shows that Twitter’s board of directors wants to fight Musk’s plan to become sole owner of the company.
Musk sets up financing for Twitter acquisition
A new filing with the SEC shows how Musk plans to get the $46.5 billion worth of loans he needs to pay off the purchase offer he made on April 14. This will help you 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 by Tesla CEO Elon Musk.
It’s important to note that the filing doesn’t say Musk has equity partners to help with the money. The Tesla CEO already owns a 9% stake in Twitter, which is worth around $2.9 billion.
Musk finds the money to buy Twitter, now what?
Musk whisperer Elizabeth Lopatto discusses the billionaire’s most recent filing with the Securities and Exchange Commission. She thinks the information in it gives her plan much more weight. She also talks about why she hasn’t been able to find other investors and whether Twitter will be able to find a buyer to scare off Musk itself.
Finally, think about what would happen if Musk did well. Many Twitter employees would leave and Musk would make a lot of changes, and maybe even bring back Donald Trump. Good times!
House Republicans want Twitter to keep records.
Republicans are furious over Twitter’s efforts to prevent Tesla CEO Elon Musk from making a deal with the company. CNBC says 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 Chamber after the midterm elections.
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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