Elon Musk is trying to buy Twitter in a $43 billion takeover, which the company's board is attempting to resist. What's at stake, and where is all this ...
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The billionaire is waging a highly public attack against the company, weaponizing its own platform against it. His campaign defies many of the conventions ...
Musk has offered $54.20 a share for the company, the “420” part of the figure a weed-culture reference and a popular online joke. Or maybe Twitter realizes Musk has unavoidably changed the game’s rules, and to win, it needs to figure out how to play. Dorsey was ousted by an earlier iteration of the board in a 2008 coup that ended his first run as Twitter CEO; he remained a director. In a tweet exchange with crypto billionaire Cameron Winklevoss, Musk suggested the directors could face “titanic” liability if they reject his bid, seeming to advocate for shareholder lawsuits against the board. Twitter HQ has seemed pained to meet Musk on this novel battleground, ironically, one it helped create. Activists typically reveal from the start how they plan to finance unsolicited takeovers, something they see as necessary to win support from a company’s investors, who may be skeptical of their advances. In 2017, billionaire Bill Ackman bought ads on Facebook and Twitter to publicize his stance against ADP. Around the same time, Elliott expensively mailed out thousands of greeting cards containing a video screen and a pre-loaded video detailing its qualms with Arconic, an aerospace-parts maker. While the buyout game has long attracted moneyed participants, none really hold a candle to Musk (net worth: $264.6 billion). Less superficially, there’s the matter of how he has waged his war: weaponizing the very product he hopes to acquire, turning Twitter into the main staging ground for his offensive against the company. In the mid-2000s, investor Eric Jackson effectively used informal YouTube videos to promote his case against Yahoo in the mid-2000s, one of many things that went wrong for Yahoo around then. By the following summer, things were good enough between Twitter and Elliott for the two to consider combining for a bid on TikTok. (In the end, of course, no one got to buy TikTok.) With Twitter stock up 175% from Elliott’s initial investment, it gave back its board seat in April 2021. Case in point: Elliott Management’s Jesse Cohn, who leads its activist investments and sat in Elliott’s seat on the Twitter board, has tweeted just 34 times in six years. Often, activists will depart after a company reaches for a poison pill, unwilling to bear the heavy financial costs of retaining their large shareholding after the pill is enacted.
On March 24, weeks before he offered to buy Twitter, Elon Musk posted a poll on the social media platform: "Twitter algorithm should be open source," he ...
"So someone who is a bad actor can certainly take advantage of knowing the code and exposing the platform to risks, which may include taking over accounts or exposing the platform to misinformation." A key focus of his has been bolstering free speech on the platform, and his suggestion for algorithms is central to that effort. If that training data includes private tweets, releasing it would lead to "massive negative privacy implications," she said. "In those circumstances, the company had better make sure their algorithms are fair, as it would surely be held accountable if they weren't," Procaccia said. On Friday, Twitter's board announced a so-called "poison pill" measure that could make it more difficult for Musk to acquire the company. Additionally, Twitter's cofounder and former CEO Jack Dorsey has called for doing more to give users control on the social network, including responding
Billionaire Tesla CEO Elon Musk is trying to buy Twitter for $43 billion. Musk is planning "to make significant improvements to Twitter" if the acquisition goes ...
Musk has called the spam problem on Twitter the " single most annoying problem" with using the service. In an April 14 interview at TED 2022, Musk cited this issue as the first thing he would change as Twitter's new owner. "I'm worried about de facto bias in 'the Twitter algorithm' having a major effect on public discourse," Musk said to one follower. Some of Musk's anticipated proposals speak more to his personal use of Twitter than anything else. He polled his followers last month on whether they think Twitter's algorithm should be "open source" — a term for software that's distributed freely and able to be manipulated openly by many different contributors. Though Twitter's board of directors has rebuffed Musk's less-than-friendly takeover bid with a "poison pill" defense, Musk could very well still end up in complete control of his favorite social media platform.
Elon Musk is angling to finance his $43B bid to acquire Twitter in a complex deal that raises debt against the company and possibly his own stock, The Post ...
“Twitter does not have a whole lot of cash flow.” Time is tight, as Musk only began to make inquiries about financing a few days before he disclosed his stake, sources said. Then he could start a proxy contest trying to change the makeup of the board and remove the poison pill. Musk hinted at the hostile approach in a cryptic tweet over the weekend that quoted Elvis Presley’s 1956 hit “Love Me Tender.” Likewise, many appear doubtful whether Twitter is worth $43 billion, according to sources. That’s up from the current 9.1% stake in the company he revealed on April 4, which is worth about $3.4 billion.
In response a tweet asking him why he did not 'do anything about' Twitter's board when he was the company's CEO, Jack Dorsey expressed frustration at his ...
Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Dorsey’s tweets come after two weeks of upheaval at the social media company that started with Musk disclosing a 9.2 per cent stake and then making a buyout offer. Be smart with your money.
Twitter Inc co-founder Jack Dorsey took aim at the social media company's board in a series of tweets late on Monday as it weighs Elon Musk's $43 billion ...
Dorsey's tweets come after two weeks of upheaval at the social media company that started with Musk disclosing a 9.2% stake and then making a buyout offer. On Friday, the board adopted a "poison pill" to limit Musk's ability to raise his stake in the company. Dorsey, who is also a Twitter board member, added to the chatter on the micro-blogging platform last week when he said that Twitter's board has "consistently been the dysfunction of the company."
Elon Musk weighed in Tuesday on what social media equity should look like amid a bid to grow his influence on Twitter.
"We’re about to find out how deep the corruption goes." That was later followed by an offer to buy the entire company for $43 billion after declining a seat on Twitter's board of directors, which last week adopted a "poison pill" to block his efforts. Musk has been embraced by conservatives and some libertarians over his disdain for the way Twitter is managed and its so-called selective enforcement of policies that some say shut down conservative voices.
Is Elon Musk serious about buying Twitter? Given his track record for trolling and half-baked provocations, I doubt it. Dubious offers happen, but CEOs of…
Twitter users, what Musk has referred to as a “de facto town square”, are arguably an important arbiter of the viability of the deal. Twitter investor sentiment is on a roller coaster, up and down with each new Musk tweet or announcement in the last two weeks. Shareholders also objected to what they believed was a non-arm’s length transaction mired in the appearance of conflicts of interest because the two companies were entangled at a personal and business level for Musk. Shareholders eventually sued, claiming Musk coerced the company’s board into the deal. When Musk settled with the SEC in August 2018 over his unserious bid to take Tesla private, more than 22 million people, including journalists and media organizations, followed him on Twitter. Since then, his cult of personality has exploded. Musk’s lawyer even accused the SEC of harassing his client with repeated enforcement activity since the SEC’s sanctions, according to this Tesla filing. He now has more than 82 million Twitter followers and continues to bypass traditional media channels by obsessively tweeting to defend himself or clap back at perceived enemies like the SEC, journalists, and Tesla whistleblowers. He later sold enough to bring his ownership percentage down to about 17% by the end of the year. Afterall, waging a proxy fight–one that starts with Musk taking a board seat and then gaining control by winning friends and influencing other board members who then vote him Ruler for Life–doesn’t seem to be his style. In fact, he quickly changed his mind about taking a Twitter board seat when it was offered. Even so, Musk would have a much harder time making a pitch for Twitter if the U.S. Securities and Exchange Commission had properly sidelined him the last time he attempted such antics. Since financial penalties have minimal impact on multi-billionaires, in its original complaint the SEC originally sought a full D&O bar against Musk. The agency does so in more than 70% of its cases involving individual defendants. After the settlement, Musk’s ownership share grew — to 23.1% by the end of June 2021, according to Tesla’s proxy.
Tesla's chief executive then made apparent, in response to criticism of the board, that its members would not be paid a penny should he prevail.
The multi-billionaire did not elaborate further on any of the recent tweets made. As the chaos continued Saturday, Musk tweeted “Love Me Tender,” an Elvis Presley song, in response to Twitter’s plan to offload shares at a discount to stop any attempt by shareholders to accumulate a stake of over 15%. Musk owns 9.1%. The South African-American tycoon responded to Twitter’s “poison pill” with a variety of unfriendly posts.
Twitter's founder Jack Dorsey is joining would-be buyer Elon Musk in criticizing the social media company's board following attempts to block the Tesla ...
Dorsey’s tweets come after two weeks of upheaval at the social media company that started with Musk disclosing a 9.2 per cent stake and then making a buyout offer. On Friday, the board adopted a “poison pill” to limit Musk’s ability to raise his stake in the company. In response a tweet on Monday asking him why he did not “do anything about it” when he was the CEO of Twitter, Dorsey expressed frustration at his limited ability to speak freely.
Elon Musk wants everyone to believe he really did have the money secured to take Tesla private back in 2018. But a group suing him over that claim say he ...
At the TED Conference in Vancouver, Musk called the SEC "bastards" with regard to the security fraud settlement he reached with the agency related to the same August 7, 2018 tweet. The updates to the shareholder's case come after Musk's shocking bid for Twitter, in which he currently holds a roughly 9.6% stake. Lawyers claim that Musk's public comments can influence potential jurors as he makes an "unsubtle attempt to absolve himself in the court of public opinion." The Tesla shareholders who are suing Musk for fraud aren't happy about his comments. Musk eventually settled with the US Securities and Exchange Commission , before dropping over the next week.
Elon Musk has given fresh fuel to speculation he would launch a tender offer for Twitter Inc. shares in the event that the board resists his proposal to ...
Elon Musk has given fresh fuel to speculation he would launch a tender offer for Twitter Inc. shares in the event that the board resists his proposal to acquire 100% of the company and take it private.
Musk recently said he wasn't lying, he was planning to take Tesla private, and he had the funding to do so. This all came after the judge ruled otherwise.
Musk shared that he was in a position where he had no choice but to comply with the SEC or see Tesla fail. Interestingly, the CEO recently shared in an interview that the tweets were true, he was planning on taking Tesla private, and he did have access to the funding. In fact, some investors previously asked U.S. District Court Judge Edward Chen not to allow Musk to try to argue that the tweets about taking Tesla private were true.
Musk started quietly buying Twitter shares on January 31. By March 14, Musk had accumulated an over 5% stake, the point after which he was supposed to ...
In a flurry of tweets about the potential deal, Musk said, “With Jack departing, the Twitter board collectively owns almost no shares,” so its economic interests are not aligned with shareholders. He described the Twitter offer as his “best and final” one. But, Twitter sat on the news for roughly 36 hours while waiting to see whether Musk would change his mind. Musk asked his followers, “Is Twitter dying?” Musk suggested that everyone who signs up for Twitter Blue, a subscription version for power users, should get an authentication checkmark. Agrawal tweeted that the company and Musk had been chatting for weeks. Musk signaled that he would sign an agreement stipulating that he could not own more than 14.9% of the company’s stock. Twitter CEO Parag Agrawal urged users to “vote carefully” on the poll. By March 14, Musk had accumulated an over 5% stake, the point after which he was supposed to disclose the activity to the Securities and Exchange Commission, and by extension, the public. Over the next week, Musk would accept an offer to join Twitter’s board of directors and, in a sudden reversal, reject that offer five days later, leaving the company’s management, employees, investors and interested observers guessing about his plans. Will Musk ultimately decide to sell his shares and pocket his gains? Musk posted another poll on Twitter asking users to vote on whether they wanted the company to add an edit button that would allow people to change tweets after they’ve been published.
The world's richest man is trying to shore up debt financing, including potentially taking out a loan against his shares of Tesla, so he can buy Twitter for ...
At the time, Parag Agrawal, Twitter’s chief executive, and other board members said they welcomed Mr. Musk as a director given his use of the platform. “This is not a way to sort of make money,” Mr. Musk said in an interview at a TED conference last week. That move would also reduce the burden on Twitter, which has faced questions about toxic content and misinformation, to decide what posts can stay up and what should be taken down. Mr. Musk is evaluating various packages of debt, including more senior debt known as preferred debt and a loan against his shares of Tesla, the electric carmaker that he runs, two of the people said. Mr. Musk is aiming to pull together a fully funded offer as soon as this week, one of the people said, though that timeline is far from certain. Twitter’s stock rose above $70 a share last year when the company announced goals to double its revenue, though its stock has since fallen to around $45 as investors have questioned its ability to meet those targets. There are also obstacles particular to Mr. Musk. In 2018, Mr. Musk tried to take Tesla private and tweeted “ funding secured,” propelling Tesla shares higher. For banks, offering a loan against Tesla stock is also risky, given the stock’s volatility. Mr. Musk, whose net worth has been reported at $255 billion, did not respond to a request for comment. The 50-year-old had been building up a stake in the company and owns more than 9 percent of Twitter, making him at one point its single-biggest individual shareholder. Mr. Musk is first focused on raising debt and has not yet begun to seek equity financing for his bid, one of the people said. It is unclear if Mr. Musk’s efforts will be successful, but they go toward addressing a key question about his Twitter bid.
Read more about Elon Musk tweets another hint of Twitter tender offer, sparks speculation on Business-standard. Musk had earlier posted a tweet with "Love ...
More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Twitter’s share price jumped by 27 per cent when Musk announced he had acquired a 9.2 per cent stake at the start of this month and he later escalated his interest with an unsolicited $43 billion proposal to take the company private.
Musk hopes to transform Twitter with few free speech restrictions, a move that could threaten civil rights, the National Urban League said.
Musk has referred to himself as a "free speech absolutist," and said he thinks Twitter's algorithm should be public so that users have greater control over the tweets they see in their news feed. Twitter needs to be transformed as a private company." Musk then reversed course and instead made a bid to take Twitter private.
Last week, Tesla CEO Elon Musk submitted a filing informing the Securities and Exchange Commission that he was offering to buy the social media platform for ...
Elon Musk, the world's wealthiest man, goes from Twitter's largest shareholder to possible board member to active investor.
In a flurry of tweets about the potential deal, Musk said, “With Jack departing, the Twitter board collectively owns almost no shares," so its economic interests are not aligned with shareholders. He described the Twitter offer as his “best and final" one. But, Twitter sat on the news for roughly 36 hours while waiting to see whether Musk would change his mind. Musk asked his followers, “Is Twitter dying?" Agrawal tweeted that the company and Musk had been chatting for weeks. At Twitter, which doesn’t have a founder with majority control like other tech giants, employees are “ super stressed," concerned that this is only the beginning of the whiplash. Musk signaled that he would sign an agreement stipulating that he could not own more than 14.9% of the company’s stock. Twitter CEO Parag Agrawal urged users to “vote carefully" on the poll. By March 14, Musk had accumulated an over 5% stake, the point after which he was supposed to disclose the activity to the Securities and Exchange Commission, and by extension, the public. Over the next week, Musk would accept an offer to join Twitter’s board of directors and, in a sudden reversal, reject that offer five days later, leaving the company’s management, employees, investors and interested observers guessing about his plans. Will Musk ultimately decide to sell his shares and pocket his gains? Musk posted another poll on Twitter asking users to vote on whether they wanted the company to add an edit button that would allow people to change tweets after they’ve been published.