Shares of Twitter rallied on Monday, approaching Elon Musk’s $ 54.20 per share offering, who spoke ill of the company’s other potential offers amid rumors.
Shares were up nearly 7.5% to close at $ 48.45 on Thursday, the second full day of trading, when a Tesla chief executive made what he called the “final and final offer” to buy the stock. social media company. The move was a big surprise, even for Twitter. The council quickly developed a “poisonous pill” to curb hostile control, even though its members said they were considering Muskie’s proposal.
“The board salary will be $ 0 if my offer is successful, so about $ 3 million in savings per year,” Musk wrote on Monday (in response to Twitter listing Twitter executives’ salaries).
Musk had previously criticized the advice on Twitter, saying, “Collectively, he owns almost no stock! “Objectively, their economic interests simply don’t satisfy the shareholders.” That doesn’t include Twitter founder and former CEO Jack Dorsey, who owns the stock but plans to step down at the company’s annual meeting in May.
In several unusual tweets, Dorsey also criticized the Twitter board, saying it was “constantly a company malfunction” and citing what he called a “Silicon Valley proverb”: “Good advice doesn’t make good. companies, but bad advice kills a company every time. ” .
Dorsey stepped down as CEO in November. Twitter CTO Parad Agrawal now has the reins.
Twitter’s shares were partially buoyed by speculation that other contenders might enter. Apollo Global Management has talked about helping to offer financing to various companies, but nothing specific. The WSJ Today it was reported that a possible bidder could be a private investment firm Thoma Bravo LP.
Companies from Disney to Salesforce.com have considered buying Twitter in the past, but backed off. If Musk is raising money, most Wall Streeters believe the board should surpass its offering, which is rich for companies that, despite being a household name, are looking to grow and generate significant cash flow.
Billionaire Musk is the richest man in the world on paper, but a $ 43 billion Twitter deal will be tough for him too. He claimed that he would be able to raise money. Musk has hired Morgan Stanley as his adviser. Twitter kept Goldman Sachs.
Musk hinted on another Twitter that the Twitter board may have no choice. “I love you dearly,” he wrote, quoting Elvis Presley, noting that a hostile public offering could come. This is an offer to buy the shares of a company that was made directly to its shareholders without going through the management.
Some analysts dealing with Tesla are less thrilled with Musk’s latest distraction, as he already has quite complete control over Tesla, SpaceX, and many other businesses.
Musk, who has declared himself a free speech fighter, last week spoke about the need to promote democracy by reducing content moderation on Twitter in the United States and beyond.
The board salary will be $ 0 if my offer is successful, so არის $ 3 million / year saved right there
-Elon Musk (@elonmusk) April 18, 2022
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
