Elon Musk says he may not be able to buy Twitter after all, Twitter considers ‘poison pill’
offered to buy Twitter in a deal valuing the social media company at $43 billion.
“Twitter needs to be transformed as a private company,” Musk said in a filing Thursday with the Securities and Exchange Commission. “Twitter has extraordinary potential. I will unlock it.”
Musk is one of Twitter’s power users with more than 80 million followers on Twitter. He’s also been one of the company’s biggest critics.
In a letter accompanying his offer, Musk a self-described “free speech absolutist,” hinted he would return Twitter to its roots as “the free speech wing of the free speech party.”
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” he wrote.
Twitter said its board of directors would review the proposal.
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Elon Musk says he may not be able to buy Twitter after all
Musk, Twitter’s largest shareholder, launched a takeover bid for the social media company Thursday, offering to buy it for $54.20 a share and take it private.
But hours after he made the $43 billion takeover offer, Musk said he was not sure he would be able to buy Twitter after all. Musk made the comments at the TED2022 conference in Vancouver.
Asked if there is a “Plan B” if his offer is rejected, Musk said “there is” but declined to elaborate.
A regulatory filing on April 4 revealed that Musk bought a 9.2% stake in Twitter. The following day, Twitter said Musk would join its board of directors. He later turned down that offer.
Musk’s offer is a 54% premium over the day he began investing in Twitter in January and would value the company at about $43 billion. He said Thursday’s offer is his “best and final offer.”
– Jessica Guynn
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Twitter weighs ‘poison pill’ to rebuff Musk takeover offer
The Wall Street Journal reported Thursday that Twitter’s board of directors is considering a “poison pill” that would prevent Musk from increasing his stake beyond 15% “or so.”
With the board considering roadblocks to Musk’s offer, he was asked on Twitter if the board rejects his takeover, would that be acting in direct opposition to the financial interests of their shareholders?
“It would be utterly indefensible not to put this offer to a shareholder vote,” Musk replied. “They own the company, not the board of directors.”
He then tweeted a yes or no poll: “Taking Twitter private at $54.20 should be up to shareholders, not the board.”
-Jessica Guynn