Elon Musk Launches $43 Billion Hostile Takeover of Twitter

[Gefn]

Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it.

The world’s richest man will pay $54.20 per share in cash, representing a 54% premium over the Jan 28. closing price and a value of about $43 billion. The social media company’s shares soared 18%.

Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday. The billionaire, who also controls Tesla Inc., first disclosed a stake of about 9% on April 4.


https://www.bloomberg.com/news/articles/2022-04-14/elon-musk-launches-43-billion-hostile-takeover-of-twitter

[Gefn]

When did Elon Musk become the world’s richest man? I thought maybe that title belonged to Bezos ?


Bill Gates?


 

[Wingnut]

Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it.

The world’s richest man will pay $54.20 per share in cash, representing a 54% premium over the Jan 28. closing price and a value of about $43 billion. The social media company’s shares soared 18%.

Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday. The billionaire, who also controls Tesla Inc., first disclosed a stake of about 9% on April 4.


https://www.bloomberg.com/news/articles/2022-04-14/elon-musk-launches-43-billion-hostile-takeover-of-twitter

I don't think there is gonna be enough popcorn and crying towels to watch this play out.  But man is it gonna be a glorious shitshow watching the liberal snowflakes run for their safe space....Oh wait that would be twitter!

[Wingnut]

When did Elon Musk become the world’s richest man? I thought maybe that title belonged to Bezos ?


Bill Gates?


 

Musk is currently worth about $260 billion according to the Bloomberg Billionaire’s Index, compared with Twitter’s market valuation of about $37 billion.

37 Billion is walking around money for Elon!

[Kamaji]

Elon Musk Launches $43 Billion Hostile Takeover of Twitter

• World’s richest person will offer $54.20 per share in cash
• Tesla executive is one of Twitter’s most-watched firebrands

By Maxwell Adler and Giles Turner
April 14, 2022, 6:19 AM EDTUpdated onApril 14, 2022, 6:32 AM EDT

Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it.

The world’s richest person will offer $54.20 per share in cash, representing a 54% premium over the Jan. 28 closing price and a value of about $43 billion. The social media company’s shares soared 18%.

Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday. The billionaire, who also controls Tesla Inc., first disclosed a stake of about 9% on April 4. Tesla shares fell about 1.5% in pre-market trading on the news.

*  *  *

Source:  https://www.bloomberg.com/news/articles/2022-04-14/elon-musk-launches-43-billion-hostile-takeover-of-twitter

[Gefn]

Musk is currently worth about $260 billion according to the Bloomberg Billionaire’s Index, compared with Twitter’s market valuation of about $37 billion.

37 Billion is walking around money for Elon!

Thanks @Wingnut

Plus I just recalled that Bezos gave the former missus a nice chunk of change in the divorce settlement.

[Kamaji]

NY Post story (in case the Bloomberg story is behind a paywall):

https://nypost.com/2022/04/14/elon-musk-offers-to-buy-twitter-for-41-billion

[Kamaji]

Probably all he really needs to acquire in order to have control over all shareholder votes is 66-2/3%, plus one (round up to 67%).  There are probably not a lot of shareholder votes that require unanimity.

[Mod2]

Threads merged.

[mountaineer]

The left is having hissy fits. How dare he?!? Elon Musk is as bad as the orange man!!!
Case in point, this guy:

Max Boot 🇺🇦
@MaxBoot
I am frightened by the impact on society and politics if Elon Musk acquires Twitter. He seems to believe that on social media anything goes. For democracy to survive, we need more content moderation, not less.
7:44 AM · Apr 14, 2022

A Newsmax reporter observes:

Logan Ratick
@Logan_Ratick
4m
Same people mad about the world's richest man trying to buy Twitter don't seem to have anything to say about the world's second-richest man owning The Washington Post

[Wingnut]

How many more "Day(s) of Rest" will twitter employees need after seeing this news!

[Kamaji]

The left is having hissy fits. How dare he?!? Elon Musk is as bad as the orange man!!!
Case in point, this guy:

A Newsmax reporter observes:

Wow.  That remark from Max Boot is remarkably scary.  His view of "democracy" is, in fact, the antithesis of democracy.

[mystery-ak]

Elon Musk Offers to Buy 100 Percent of Twitter, Restore Free Speech

Allum Bokhari 14 Apr 2022

Elon Musk has made a public offer to buy 100 percent of Twitter stock and transform it into a public company, in what the billionaire SpaceX and Tesla CEO says will unlock the company’s potential to be “the platform for free speech around the globe.”

Musk, who became Twitter’s largest shareholder with a 9.2 percent purchase of shares over the last few months, made a public offer to buy 100 percent of the company at $54.20 a share, an 18 percent premium over Twitter’s closing price yesterday.

more
https://www.breitbart.com/tech/2022/04/14/elon-musk-offers-to-buy-100-percent-of-twitter-restore-free-speech/

[mystery-ak]

I was hoping he would do something like this....

[Right_in_Virginia]

Jack Posobiec
@Jack Posobiec

BREAKING: Here is the letter Elon Musk just sent to the board of Twitter



7:42 AM · Apr 14, 2022  Twitter for iPhone

[Right_in_Virginia]

When did Elon Musk become the world’s richest man? I thought maybe that title belonged to Bezos ?

Bill Gates?

@Gefn

Elon Musk
265.1 billion USD

Jeff Bezos
176.6B USD

Bernard Arnault
167.9B USD

Bill Gates
131.9B USD

Warren Buffett
126.2B USD

Mark Zuckerberg
79.4B USD

MacKenzie Scott  (Bezo's ex-wife)
46B USD

[Right_in_Virginia]

"The Twitter board meeting has begun ..."  (Video)

https://mobile.twitter.com/catturd2/status/1514598677947375619

[Right_in_Virginia]

Derek Hunter
@derekahunter

If @Twitter rejects @elonmusks offer, @paraga has to resign, as will most of the board. They will have acted directly against the financial interests of shareholders, violating their fiduciary duty.

8:49 AM · Apr 14, 2022·Twitter Web App

[Right_in_Virginia]

It's like he knew we were all waiting ...... 

Elon Musk
@elonmusk

I made an offer

https://sec.gov/Archives/edgar/data/0001418091/000110465922045641/tm2212748d1_sc13da.htm

7:23 AM · Apr 14, 2022·Twitter for iPhone

[Kamaji]

Derek Hunter
@derekahunter

If @Twitter rejects @elonmusks offer, @paraga has to resign, as will most of the board. They will have acted directly against the financial interests of shareholders, violating their fiduciary duty.

8:49 AM · Apr 14, 2022·Twitter Web App

If that's true, then that may be part of why he offered such a large premium for the twitter stock.  If this board rejects his offer and resigns, presumably the offer will be made again a second time, and as many times as necessary to get a board with a composition that is more to Musk's liking.

Very interesting if true - extortion by take-over offer.

[catfish1957]

It's like he knew we were all waiting ...... 

Form has source of funds as 00.  Or was that infinity.  (which is pretty accurate)

[Gefn]

@Gefn

Elon Musk
265.1 billion USD

Jeff Bezos
176.6B USD

Bernard Arnault
167.9B USD

Bill Gates
131.9B USD

Warren Buffett
126.2B USD

Mark Zuckerberg
79.4B USD

MacKenzie Scott  (Bezo's ex-wife)
46B USD

Thanks @Right_in_Virginia

I thought Bezos was the richest if he didn’t give money to his ex.

Had no idea Zuckerberg was that rich either

[mountaineer]

The🐰FOO
@PolitiBunny
Resisters claiming they'll resist Elon Musk is absolutely pathetic. Anyone pretending they are resisting anything when the media, Hollywood, big tech, and the government agree with them don't understand what 'resist' actually means. :)
10:52 AM · Apr 14, 2022

Clay Travis
@ClayTravis
The left wing blue check panic over @elonmusk potentially buying @twitter is glorious. All the blue checks who have lectured us for years by saying, “It’s a private company, if you don’t like it, leave” are panicking like crazy over their echo chambers being challenged. Love. It.
9:09 AM · Apr 14, 2022·

Catturd ™
@catturd2
If Elon Musk buys Twitter - watch how fast Democrats in Congress flip on Section 230.
11:01 AM · Apr 14, 2022·

[Right_in_Virginia]

Glenn Greenwald
@ggreenwald

The worst, most bloodthirsty and destructive neocons are telling you explicitly: their power to censor the internet, to exclude dissent and maintain information monopolies, is central.

How does everyone not understand why restoring free discourse to the internet is so vital???



10:03 AM · Apr 14, 2022   Twitter Web App

[mountaineer]

For your consideration:

Elon Musk won’t save free speech
We can’t rely on billionaires to save us from Big Tech censorship.
Batya Ungar-Sargon
April 6, 2022

The billionaire CEO of Tesla and richest human alive, Elon Musk, became Twitter’s largest shareholder this week and, shortly thereafter, a Twitter board member. Musk has long been criticising the social-media platform, suggesting that it fails ‘to adhere to free-speech principles’ and ‘fundamentally undermines democracy’. His new involvement with Twitter was greeted with cheers from conservatives who have long faced unfair censorship and deplatforming.

The billionaire CEO of Tesla and richest human alive, Elon Musk, became Twitter’s largest shareholder this week and, shortly thereafter, a Twitter board member. Musk has long been criticising the social-media platform, suggesting that it fails ‘to adhere to free-speech principles’ and ‘fundamentally undermines democracy’. His new involvement with Twitter was greeted with cheers from conservatives who have long faced unfair censorship and deplatforming.

Musk and his supporters are, of course, correct that Big Tech is too censorious, and that it disproportionately censors conservatives. ...

But those who value free expression would do well to temper their excitement at Musk’s new role. After all, the problem with Big Tech is not that the wrong corporate overlords are censoring speech and tightly controlling the public square – it’s that corporate overlords have ended up with the power to censor speech in the first place. The problem is not just that the 21st-century digital cage that limits public expression has been built by leftists, but that it has been built at all.

Critics of Big Tech should not be satisfied with finding a more conservative, libertarian or even truly liberal billionaire as a patron. They should be seeking a way out of corporate and billionaire patronage altogether – seeking a way to restore the power to the people.

But even if you were looking for a billionaire saviour, Elon Musk is not your guy.

Although Musk has called himself a ‘free speech absolutist’, employees at Tesla might disagree. Tesla workers have allegedly been fired for trying to unionise, for disagreeing with Musk and for reporting racist harassment.

Moreover, Musk’s more libertarian sympathies arguably melt away when it comes to his dealings with China. ...

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