It's done: Elon Musk will become Twitter's sole owner

Status
Not open for further replies.

midian182

Posts: 7,786   +80
Staff member
In context: The ongoing saga of whether Elon Musk would become Twitter's new owner has ended in success for the world's wealthiest person. After re-examining Musk's $44 billion bid, Twitter has agreed to be acquired for $54.20 per share in cash. This has taken place merely after a week after Twitter's board rejected a previous offer and even threatened to use a "poison pill" strategy to make the hostile takeover more difficult.

Musk's attempt to buy Twitter has been fraught with the sort of controversy that constantly surrounds the Tesla boss. From his initial 9.2% acquisition earlier this month and the lawsuit, to turning down a board seat and making a multi-billion-dollar bid.

It is now all over though. The transaction has now been unanimously approved by Twitter's board and is expected to close in 2022, subject to customary regulatory approvals.

Elon Musk's offer of $54.20 per share in cash values the company at approximately $44 billion. At that valuation, the purchase price represents a 38% premium over Twitter's stock price on April 1, 2022, which was the last trading day before Musk disclosed his ~9% stake in Twitter. Once all is said and done, Twitter will become a privately held company.

It appeared that Twitter was so against Musk taking over that it was preparing to initiate a 'poison pill' strategy that would allow existing shareholders (other than Musk) to buy more stock at a discount, thereby diluting the stock and devaluing the acquirer's shares. This would have made the acquisition more expensive and help defend against a hostile takeover.

But it seems that Musk's confirmation to the Securities And Exchange Commission (SEC) that he has raised $46.5 billion in funding to buy Twitter changed the company's position and thus took "a fresh look" at the offer, according to the Wall Street Journal. Some shareholders reportedly wanted Twitter to seek a better deal from Musk, though he had already insisted his bid of $54.20 per share was his "best and final" offer.

Musk met with several shareholders privately last Friday to plead his case, and evidently he was able to persuade them and back his bid.

Twitter is set to report its first-quarter earnings Thursday. Twitter's share price had reached its highest point of the year—$50.98—following news of Musk's investment. It had fallen since then but rallied to $48.93 on Friday and today based on the imminent acquisition rumors, meaning his offer was still above the current price.

Permalink to story.

 

Dimitriid

Posts: 2,095   +4,001
Honestly I consider this a done deal by now but it actually won't change much: anybody on twitter should be used to pile ons and bigotry as a matter of routine and twitter doing absolutely nothing to curve down on it due to their "Freezed peach" absolutism as a view already.

So effectively for every day users and smaller accounts, it will be business as usual. The only difference Musk will bring is weighting in on the few instances where Twitter actually addresses harassment campaigns and bigotry which is usually just big accounts, kind of like the ones involving Musk and professional rescuer divers and such or official accounts for high profile politicians.

This might embolden the far right sure, but honestly this would be just a consequence of the current climate of "Let's roll back the clock 50 years and persecute LGBTQ+ folk with State Legislation" that's going across the US right now so it's probably just confirm the choice that most people should make: GTFO out there while you can and make an effort to connect to people you primarily interact with on Twitter that you want to keep in touch with through other means, as in private means and definitively not public social networks.
 

Ohnooze

Posts: 160   +370
This might embolden the far right sure, but honestly this would be just a consequence of the current climate of "Let's roll back the clock 50 years and persecute LGBTQ+ folk with State Legislation" that's going across the US right now so it's probably just confirm the choice that most people should make: GTFO out there while you can and make an effort to connect to people you primarily interact with on Twitter that you want to keep in touch with through other means, as in private means and definitively not public social networks.

What state legislation are you speaking of?
Also I have noticed that a lot and probably the majority of your post seem to go to some kind of bigotry or injustice. I mean you even tried to tie Elon musk to apartheid and made it a point to call out that he was a white man...
I'm not trying to be rude but you sound a whole lot like MSNBC's Joy Reid. That's really not a good thing.
You can criticize the "far right" all you like but you honestly don't sound much different.
 

Plutoisaplanet

Posts: 683   +1,082
I don’t think the board and Elon will reach an agreement, but if they did then the acquisition would be put to a shareholder vote afaik. More than likely discussions won’t go smoothly and the takeover bid will continue. Twitter’s annual shareholder meeting is in exactly a month, and I’d expect the final outcome to be known on that day at the latest.

Keep in mind the board members are motivated to save face for future career “governance” prospects. They might never serve on a board again if they don’t get ahead of this. After all, who would want to have someone as your leader if they couldn’t even show some backbone to maintain Twitter’s autonomy? Getting the company swept up by outsiders instead of making an agreement is not a good look.
 

letsgoiowa

Posts: 62   +121
Honestly I consider this a done deal by now but it actually won't change much: anybody on twitter should be used to pile ons and bigotry as a matter of routine and twitter doing absolutely nothing to curve down on it due to their "Freezed peach" absolutism as a view already.

So effectively for every day users and smaller accounts, it will be business as usual. The only difference Musk will bring is weighting in on the few instances where Twitter actually addresses harassment campaigns and bigotry which is usually just big accounts, kind of like the ones involving Musk and professional rescuer divers and such or official accounts for high profile politicians.

This might embolden the far right sure, but honestly this would be just a consequence of the current climate of "Let's roll back the clock 50 years and persecute LGBTQ+ folk with State Legislation" that's going across the US right now so it's probably just confirm the choice that most people should make: GTFO out there while you can and make an effort to connect to people you primarily interact with on Twitter that you want to keep in touch with through other means, as in private means and definitively not public social networks.

Silly take. The biggest problem that he's trying to solve is Twitter does *NOT* respect the principle of freedom of speech. Big corporations controlling the public square has been catastrophic for our republic.
 

scavengerspc

Posts: 2,366   +2,510
TechSpot Elite
More like I will laugh because Musky is in for a surprise of consequences IF he is successful in his bid and IF he actually tries to implement his version of 1st Amendment Rights.
Musk is like the trump right in that the 1st amendment is for their rights, not all Americans. And since everything the trumpers touch turns to s**t I myself don't give this much thought. It will just end up making it easy for all to see the trumpanistas for what they are and their twisted view of America.

Just look at what Twitter did for Marine Le Penn when she made her push on its platform. That did her absolutely no favors.
 

Squid Surprise

Posts: 5,321   +4,968
Well that is a very interesting view as last I looked the country has gone straight to crap since Biden became president. But hey I guess we all have our views.
I hate to break it to you... but your country (and all countries) doesn't operate in a 4 year vacuum... whatever is occurring now tends to spring from what came before.

Trump inherited a prosperous nation and proceeded to spend the next 4 years f*cking it up... there are people who will give great stats saying how "unemployment was lowest in 50 years under Trump".... what they fail to see is that unemployment had been steadily declining for years BEFORE Trump - and that just a couple of years into Trump's administration, it started to RISE...

So now Biden's term has higher unemployment... Is he to blame? Well, a little bit perhaps... but the main culprit would be TRUMP.
 

scavengerspc

Posts: 2,366   +2,510
TechSpot Elite
Trump inherited a prosperous nation and proceeded to spend the next 4 years f*cking it up... there are people who will give great stats saying how "unemployment was lowest in 50 years under Trump".... what they fail to see is that unemployment had been steadily declining for years BEFORE Trump - and that just a couple of years into Trump's administration, it started to RISE...
Shame the trump learning impaired need to be constantly told about that.
Well that is a very interesting view as last I looked the country has gone straight to crap since Biden became president. But hey I guess we all have our views.
Ah yes, the American inflation situation. Oh well, at least it is only us in America, huh? Unless.......

WOW! How does Biden do it?!!?











 
Last edited:

Ohnooze

Posts: 160   +370
Why don't we start with the pandemic?

And yes I know about Warp Speed and , we all know that no other politician would have just thrown money at a problem.
I have never been a Trump fan but what did Trump do with the pandemic?

I remember Trump shutting down travel to China and Biden and the democrat party in general called him a racist for it. But of course it was racism…I mean what isn’t, right? You can always use racism…works every time.

I also remember Biden and Harris saying people shouldn’t take the “Trump vaccine” because they were not convinced it was safe. And I know that there were not enough covid test with the last uptick in cases also. The idea that we would have been better off with Biden in office is completely ridiculous in my view. Personally I don’t think there is anything anyone could have done about covid. You can’t stop it…just needs to run its course.
 
Status
Not open for further replies.