AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- Twitter nears settling purchase deal with Elon Musk.
- Deal to end days of speculations since his unsolicited offer to own the company.
- Musk to take over Twitter after his US$43 billion bid.
It could be a watershed moment for social media as one of its goliaths, Twitter Inc. (TWTR), is about to accede to being taken over by the richest man on earth, Elon Musk.
With his unsolicited bid to buy the social media platform weeks ago, Elon Musk kicked up a storm that is showing no signs of settling down.
On Monday, Twitter and Musk were inching closer to the US$43 billion deal. The Tesla CEO is mulling a potential takeover offer of US$54.20 per share for Twitter.
According to people with knowledge of the matter, it could be one of the biggest leveraged buyouts of any listed company. Some even say that discussions could drag or fall apart even as Musk is lining up potential co-investors to close the deal.
Also Read: Coca-Cola (KO) posts Q1 profits of US$2.78 bn, driven by strong sales
© Rokas91 | Megapixl.com
Also Read: Why Singapore-based Genius Group (GNS) stock tumbled in NYSE debut?
Talks continue between Twitter’s board and Musk
Sunday’s meeting between the Twitter board and billionaire CEO continued into the early hours of Monday over the latter’s unsolicited bid to buy Twitter for US$54.20 per share.
Following the developments, Twitter shares gained 5.9% to US$51.81 at 12:57 pm ET on Monday. Elon Musk has the backing of Morgan Stanley and other banking institutions, which influenced Twitter to warm up to the deal. This is one of the most awaited deals in recent times, where a titan of Elon Musk’s stature is directly involved.
Musk is buying the social media company in his personal capacity, reports Reuters, and Tesla is not involved in this massive buyout drama. Musk, an avid user of the platform, said he wants to fight trolls on Twitter and has several plans on the anvil to overhaul the company, including changes to its Blue premium subscription service.
Twitter employees in dilemma over takeover bid
Employees at Twitter scout for answers as they are in the dark. They do not know what an Elon Musk takeover would mean for them. The board initially took a hostile stance at Musk’s offer and launched the much-talked-about poison pill defense.
Bottom line:
Elon Musk, a huge advocate of cryptocurrencies, has suggested adding Dogecoin as a payment mode on Twitter. The existence of Musk-themed cryptocurrency is proof of Musk's popularity in the crypto world - the most famous being the Elon Goat token. So, as the Twitter board passes the reins to Elon Musk, the social media platform would certainly wear a different look.
