September 29, 2022

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Wall Street Journal: Twitter is reconsidering Elon Musk's bid, after the Tesla boss secured $400 billion in funding.  On Sunday, the parties will meet

Wall Street Journal: Twitter is reconsidering Elon Musk’s bid, after the Tesla boss secured $400 billion in funding. On Sunday, the parties will meet

Sunday Night Reports The Wall Street Journal (The Wall Street Journal) that social media company Twitter is making a serious assessment of Elon Musk’s bid to buy the company. The Tesla boss considers himself a frequent user of the platform, and has made an offer of $43 billion for all shares, equivalent to 385 billion Norwegian kroner.

The offer was expected to be rejected until Musk said he had received $46.5 billion for the acquisition, equivalent to 415 billion crowns. Now Twitter is looking into the matter again, writes the WSJ, which cites several anonymous sources familiar with the situation.

The American newspaper said that the two sides will meet on Sunday to discuss the offer, and also wrote that real negotiations are now likely.

He thinks that lack of freedom of speech is a problem

The background is divided into two parts. on one side Before the weekend, Musk succeeds in acquiring the three major banks, Morgan Stanley, Bank of America and Barclays, to stand behind $415 billion in financing, with a guarantee in shares of Musk’s Tesla. In addition, Musk himself met with selected Twitter contributors on Friday, according to the WSJ, to convince them that he had put a positive proposal on the table.

Here, Musk also mentioned that he intends to solve the problems, as he sees it, with restricting freedom of speech on Twitter and in the US more generally, whether or not they let him buy the company, according to the WSJ.

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What exactly Musk’s plans for the social media platform are is unknown, but he has argued, among other things, that longer messages should be allowed.

“If our Twitter demo succeeds, we’ll defeat the spam bots or die trying!” wrote on Platform before the weekend.

“Dimensions of the Titanic”

Musk has already bought more than nine percent of the shares in Twitter, and for a while he was on his way to the company’s board of directors. Then came the counter letter, revealing plans to buy Twitter entirely from the exchange.

Except for the pandemic’s jump that has now vanished, Twitter’s stock hasn’t made it particularly sharp in recent years. Musk’s supporters believe the $54.20 stock offer is a better outcome for shareholders than the current administration can achieve on its own. When Musk launched the bid, the price was under $40 per share, and it responded with a 27 percent jump.

“They have a massive responsibility,” Musk wrote on Twitter when the company’s board fired a “poison pill” against him in mid-April.

In short, there was a provision that would make the acquisition more costly by diluting Musk with new stock, if he could buy more than 15 percent of the company without board approval. Now the mood should be better.

The Wall Street Journal spoke with portfolio manager Jeff Gram of New York hedge fund Bandera Partners, who bought a Twitter account in February. Gramm says the board cannot reject Musk’s offer without coming up with an alternative that creates similar value for shareholders.

“I can’t understand what it must be like at the moment, other than a competitive offering,” he says.

Twitter bill 320 million.

Musk is one of the most featured users of the Twitter platform, with 83 million followers. This weekend, he enjoyed posting unflattering photos of Microsoft founder Bill Gates, comparing him to a pregnant man. On Sunday, he announced that he was done with it.

Twitter is usually free to use, but for Musk it’s expensive. in 2018 had to resign from the chairmanship of the board of directors and pay a fine of 320 million, After claiming on the platform that he will take the company off the stock exchange at $420 a share. As part of his settlement with the US FSA, he also agreed that all of his Twitter messages had been pre-approved by a lawyer.

The issue came back to the negotiating table again in March, when Musk went to court to dismiss the clause, he writes the edge. He now claims to have already secured funding to buy Tesla from the exchange, but the SEC has pressured him to settle. It comes as the Securities and Exchange Commission (SEC) has launched an investigation into Elon and Kimbal Musk, in connection with the two big brothers’ sale of Tesla shares while the price was at its highest levels last year.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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