Twitter Said to Be Re-examining Elon Musk’s Bid for Company

Elon Musk has suggested buying Twitter and taking it private.

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Twitter is Review of Elon Musk’s unsolicited offer to buy the company and take it private, the Wall Street Journal reported Sunday. The two sides are meeting on Sunday to discuss Musk’s proposal, the Journal reported, hinting that the social media company may be receptive to Musk’s offer.

musk proposed paying $54.20 for each share in the influential social media company, an offer that values ​​Twitter at $43 billion. The entrepreneur who runs TeslaSpaceX and other companies already own more than 9% of Twitter.

It had been widely expected that Twitter would decline the offer, Adoption of a limited-term shareholder rights plan, a tactic known as the “poison pill” defense used by companies to thwart takeover attempts like Twitter’s. Poison pills make it difficult for a potential buyer to acquire a majority of a company’s stock by making more of it available.

Twitter is also expected to discuss Musk’s offer when it reports first-quarter earnings on Thursday, sources told the Journal.

Musk has publicly raised questions about the future of Twitter, repeatedly polling his 81 million followers about changes that could be made at the company, which is lagging behind rivals Facebook, TikTok and Instagram in users and engagement.

Musk called the offer his “best and final,” adding in a filing with the Securities and Exchange Commission, “If the deal doesn’t work out as I don’t have confidence in management nor do I believe I can drive the necessary changes.” in the public market, I would have to reconsider my position as a shareholder.”

A Twitter spokesman declined to comment on the report.

Twitter Said to Be Re-examining Elon Musk’s Bid for Company Source link Twitter Said to Be Re-examining Elon Musk’s Bid for Company

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