Twitter’s board should be worried about other bidders: Elon Musk

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Elon Musk

Elon Musk, the CEO of Tesla and SpaceX, said Sunday that Twitter’s board should be more concerned about other potential bidders than he, who 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 company’s board of directors 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 value behind closed doors. They have threatened to dilute the position of the company in its shareholders. Is this a case of criminal negligence?”

“In fairness to the Twitter board, this may be more of a concern about other potential bidders than just me,” Musk said.

Musk is one of Twitter’s major shareholders, with a 9.2% stake.

Last Monday, Vanguard Group said its funds now own a 10.3 percent investment in Twitter, making it the company’s largest shareholder.

Al-Waleed bin Talal, the Saudi prince who turned down Elon Musk’s offer, owns about 5.2 percent of Twitter.

Goldman Sachs, which is recommending Twitter’s board reject the acquisition, now has a $30 price target for Twitter shares, which is 45 percent lower than Musk’s offer.

As Twitter implements a ‘poison pill’ approach to prevent Elon Musk from forcefully 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 including partners could be announced in a few days,” according to a New York Post report citing sources.

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Musk could join “private equity firm Silver Lake Partners, which planned to co-invest with him in 2018 when it was considering taking Tesla private,” according to Bloomberg. Egon Durban, co-CEO of Silver Lake, is a member of Twitter’s board of directors.

“During the failed attempt to take Tesla private in 2018, he led Musk’s negotiating team,” according to the report.

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