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. ...

Spiked-Online

[Kamaji]

For your consideration:Spiked-Online

The article is disingenous.  Being able to say what one likes in the public square - which is really what social media platforms like twitter have become - is utterly different from being able to make disloyal statements about your employer on company time.

[Kamaji]

Twitter HQ meltdown: Internet pokes fun at employees over Musk takeover

By Ariel Zilber
April 14, 2022

Twitter employees who were reportedly apoplectic about the prospect of Elon Musk taking over the company got targeted with scathing memes as users poked fun at their plight.

Memes depicting panic, dread, doom, and gloom were posted online as “Twitter HQ” was trending all morning following the SEC filing indicating Musk’s $41 billion all-cash offer for the company.

*  *  *

Source:  https://nypost.com/2022/04/14/internet-pokes-fun-at-twitter-employees-over-elon-musk-takeover/

[Kamaji]

Donald Trump insists he won’t return to Twitter if Elon Musk buys it

By Ariel Zilber
April 14, 2022

Elon Musk’s potential takeover of Twitter has Donald Trump supporters once again salivating over the potential return of the former president — but Trump insists he has no interest in resuming tweeting.

Trump told Americano Media on Wednesday: “I probably wouldn’t have any interest [in returning to Twitter if Musk bought the company].”

“Twitter’s become very boring. They’ve gotten rid of a lot of good voices on Twitter, a lot of their conservative voices.”

Trump added: “It used to be a war on Twitter, but it was a very interesting war…Mentally, we had some pretty good fights. We would go after the progressives, who I call the un-progressives.”

*  *  *

Source:  https://nypost.com/2022/04/14/trump-says-he-wont-return-to-twitter-if-elon-musk-buys-it/

[berdie]

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

I don't know who in the heck Max Boot is...but he certainly has a convoluted idea of democracy.

[mystery-ak]

Elon Musk says he’s ‘not sure’ he’ll be able to buy Twitter after $43 billion bid, teases a plan B
Published Thu, Apr 14 20221:45 PM EDTUpdated 23 Min Ago
thumbnail
Lauren Feiner
@lauren_feiner

    Billionaire Tesla CEO Elon Musk acknowledged Thursday he is “not sure” he’ll actually be able to buy Twitter, hours after he made an offer to acquire the company.
    Asked by TED’s Chris Anderson if there was a “Plan B” if his current offer were rejected, Musk said, “there is.”

Billionaire Tesla CEO Elon Musk acknowledged Thursday at the TED2022 conference in Vancouver that he is “not sure” he’ll actually be able to buy Twitter. The comments came hours after a regulatory filing revealed that he offered to acquire the company for $54.20 per share, or about $43 billion.

Twitter confirmed it had received the bid but its board must still review the offer, which values shares much lower than the $70 they reached last summer. But Musk had said the offer would be his “best and final” one.

Asked by TED’s Chris Anderson if there was a “Plan B” if his current offer were rejected, Musk said, “there is.”

He declined to elaborate.

more
https://www.cnbc.com/2022/04/14/elon-musk-not-sure-hell-be-able-to-buy-twitter.html

[mystery-ak]

Saudi prince Alwaleed bin Talal rejects Elon Musk's Twitter takeover bid - tweet

Thu, April 14, 2022, 11:10 AM

CAIRO, April 14 (Reuters) - Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday that as one of the major shareholders in Twitter he rejected a takeover bid by billionaire entrepreneur Elon Musk.

"I don't believe that the proposed offer by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects," the prince said in a Twitter post.

Musk took aim at Twitter Inc with a $43 billion cash takeover offer on Thursday, with the Tesla CEO saying the social media giant needs to be taken private to grow and become a platform for free speech. (Reporting by Omar Fahmy and Saeed Azhar Editing by Mark Heinrich)

https://finance.yahoo.com/news/saudi-prince-alwaleed-bin-talal-161050492.html

[Right_in_Virginia]

ELON MUSK: “Twitter has become kind of the de facto town square, so it's really important that people have both the reality and the perception that they're able to speak freely”  (Video)

https://mobile.twitter.com/bennyjohnson/status/1514667248123887617

[Right_in_Virginia]

“My strong intuitive sense is that having a public platform that is maximally trusted & broadly inclusive is extremely important to the future of civilization.”   “I don’t care about the economics at all.”   (Video)

https://mobile.twitter.com/ColumbiaBugle/status/1514659066320068653

[Right_in_Virginia]

“A good sign as to whether there is free speech: is someone you don't like allowed to say something you don't like? If that is the case, then we have free speech."  (Video)

https://mobile.twitter.com/ColumbiaBugle/status/1514664034016002049

[catfish1957]

“A good sign as to whether there is free speech: is someone you don't like allowed to say something you don't like? If that is the case, then we have free speech."  (Video)

https://mobile.twitter.com/ColumbiaBugle/status/1514664034016002049

Musk has the greatest innovative mind of our lifetime.  I understand his patriotic intent to insure free speech worldwide, but I hate seeing him getting pulled in the mud with with Twitter slime who will have an undeniable intent of distracting him from his core businesses.

[Fishrrman]

What Mr. Musk does with his money is his own business, and I kinda like the guy, but...

How in heck is a "corporation" like twitter, which:
- produces no tangible product
- collects no revenue from those who subscribe to it
- contributes nothing of lasting value to the general public
- probably owns little more than computers/servers/routers and a few office buildings...

... how can it be "worth" $43 billion?

$43 million, maybe.
But "billions"? This ain't right.
What has happened to the concept called "value"?

I really am the troglodyte you see in the avatar to the left...!

[Right_in_Virginia]

Musk has the greatest innovative mind of our lifetime.  I understand his patriotic intent to insure free speech worldwide, but I hate seeing him getting pulled in the mud with with Twitter slime who will have an undeniable intent of distracting him from his core businesses.

I suspect he's lovin' the challenge.   

[IsailedawayfromFR]

Was in Austin, Musk's new home over the weekend.

My local relatives there seem to really like him, neither a conservative nor a liberal - just a common sense fellow who is Spock-smart and willing to engage.

[Right_in_Virginia]

Glenn Greenwald
@ggreenwald

The censorship power of Big Tech monopolies isn't wielded as much by executives as it is by Western governments. FB, Google/YT and Twitter are crucial instruments to control the flow of information available to their populations. If Musk is serious, it will provoke a battle:

Cameron Winklevoss
@cameron· 4h

Twitter is considering a poison pill to thwart @elonmusk's offer. They would rather self-immolate than give up their censorship programs. This shows you how deeply committed they are to Orwellian control of the narratives and global discourse. Scary.

2:55 PM · Apr 14, 2022·Twitter Web App

[catfish1957]

What Mr. Musk does with his money is his own business, and I kinda like the guy, but...

How in heck is a "corporation" like twitter, which:
- produces no tangible product
- collects no revenue from those who subscribe to it
- contributes nothing of lasting value to the general public
- probably owns little more than computers/servers/routers and a few office buildings...

... how can it be "worth" $43 billion?

$43 million, maybe.
But "billions"? This ain't right.
What has happened to the concept called "value"?

I really am the troglodyte you see in the avatar to the left...!

You make a good point, I see it as a turd of an investment.  I wouldn't sink a dime in it.

But OTOH, it is maybe the most portable and used form of communication on earth right now.  Information= Power.  And right now that power is being abused in a cesspool of intended censorship.

[Right_in_Virginia]

Saudi prince Alwaleed bin Talal rejects Elon Musk's Twitter takeover bid - tweet

Thu, April 14, 2022, 11:10 AM

CAIRO, April 14 (Reuters) - Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday that as one of the major shareholders in Twitter he rejected a takeover bid by billionaire entrepreneur Elon Musk.

[sneakypete]

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:

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

@mountaineer

WTF????

What schools did THIS numbnuts fail out of?

He is CLEARLY confusing a police state with a democracy,and THIS guy in an allegedly educated college graduate and reporter.

[sneakypete]

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

Allum Bokhari 14 Apr 2022

@mystery-ak

Somebody please correct me if I am wrong,but since Twitter is NOT a privately-owned company and Twitter stocks are for sale daily on the stock exchange,doesn't this mean that Twitter MUST be sold to him if no one tops his bid?

BTW,if anyone knows,what is the timeline on topping his bid? There MUST be a set time limit.

BTW-2. What is keeping Musk from just buying up every share of twitter available,and taking over that way?

[sneakypete]

@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

Sneakypete
Several USD

[sneakypete]

What Mr. Musk does with his money is his own business, and I kinda like the guy, but...

How in heck is a "corporation" like twitter, which:
- produces no tangible product
- collects no revenue from those who subscribe to it
- contributes nothing of lasting value to the general public
- probably owns little more than computers/servers/routers and a few office buildings...

... how can it be "worth" $43 billion?

$43 million, maybe.
But "billions"? This ain't right.
What has happened to the concept called "value"?

I really am the troglodyte you see in the avatar to the left...!

@Fishrrman

As is true of everything,anything is worth whatever someone is willing to pay for it.

[Kamaji]

@mystery-ak

Somebody please correct me if I am wrong,but since Twitter is NOT a privately-owned company and Twitter stocks are for sale daily on the stock exchange,doesn't this mean that Twitter MUST be sold to him if no one tops his bid?

BTW,if anyone knows,what is the timeline on topping his bid? There MUST be a set time limit.

BTW-2. What is keeping Musk from just buying up every share of twitter available,and taking over that way?

No.  It doesn’t work that way because nobody is being forced right now to sell to him.  There are ways to get around that, but they haven’t been deployed for now. 

[sneakypete]

No.  It doesn’t work that way because nobody is being forced right now to sell to him.  There are ways to get around that, but they haven’t been deployed for now.

@Kamaji

But he CAN do that if he wants,right?

[Elderberry]

Elon Musk takes jab at Saudi Arabia over free speech after prince rejects Twitter bid

New York Post by  Ariel Zilber and Theo Wayt 4/14/2022

https://nypost.com/2022/04/14/saudi-prince-alwaleed-bin-talal-rejects-elon-musks-twitter-takeover-bid/

Saudi Prince Alwaleed bin Talal Al Saud, a billionaire who is also one of Twitter’s largest shareholders, tweeted that he will vote to reject Elon Musk’s $41 billion all-cash bid for the company — leading Musk to question Saudi Arabia’s commitment to free speech.

“I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects,” the prince tweeted on Thursday.

“Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”

Hours later, Musk responded with what seemed to be a jab at Saudi Arabia’s free speech and human rights record.

“Interesting. Just two questions, if I may,” Musk replied to the prince. “How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?”

Saudi Arabia frequently surveils and arrests journalists, according to Reporters Without Borders, which ranks the country as one of the worst in the world for press freedom. And the brutal murder of Washington Post journalist Jamal Khashoggi was personally approved by Saudi Arabia’s Crown Prince Muhammad bin Salman, according to US intelligence.

Prince Alwaleed bin Talal Al Saud chairs the Kingdom Holding Company, the Riyadh-based conglomerate that first purchased shares of Twitter in 2011 before the company’s 2013 initial public offering.

More at link.

[mountaineer]

[mystery-ak]

https://twitter.com/AuronMacintyre/status/1514653963408318474