The founder of Tesla, Space X and Paypal had made it clear that he wanted to become the master of the American social network, and faced with the possibility that the Twitter board could reject his offer, he said he was also ready for a hostile takeover bid
April 25, 2022 (change April 25, 2022 | 21:16)
– Milan
Elon Musk takes ownership of Twitter and closes the game for $ 44 billion. The board of the social network accepted the offer by handing over control of the platform to the entrepreneur of South African descent: “The board of directors of Twitter conducted a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, the certainty and funding, “said Bret Taylor, president of Twitter, in a statement. “The proposed transaction will provide a substantial cash reward and we believe it is the best path for Twitter shareholders.” Twitter shareholders will receive 54.2 dollars in cash for each ordinary share. The purchase price represents a 38% premium to the company’s closing price on April 1, the day before Musk announced he had achieved a 9% stake in the company. Initially the founder of Tesla, Space X and Paypal had put on a slightly lower figure, about 43 billion, it is not clear whether the increase in the value of the operation is linked to an improvement in the offer from 54.20 dollars per share. or to a more careful count of the securities covered by the agreement.
“freedom of speech fundamental for democracy”
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“Freedom of speech is the foundation of a functioning democracy and Twitter is the square of the digital city where vital topics for the future of humanity are debated.” Thus Elon Musk commented on the positive closure of the operation. Previously, with a communication to the SEC (the American Consob), he had revealed that he had secured over 25 billion in commitments from various banks to finance the operation. Tesla’s patron should put 21 billion out of his pocket, although it is not excluded that he may open the stake to some private equity. Initially, the Twitter board seemed oriented to reject the assault, a position to which Musk had responded by saying he was also ready for a hostile takeover bid, addressing the shareholders directly, a move that must have put pressure on the members of the Board by advising them to accept the proposal.
April 25, 2022 (change April 25, 2022 | 21:16)
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