The deal is expected to close sometime this year. But before that, shareholders still have to weigh in, as well as regulators in the U.S. and in countries where Twitter does business, before the deal is completed.
OFFER ACCEPTED, NOW WHAT?
The process is off to a good start for Musk, given that Twitter’s board has unanimously approved his offer and is recommending shareholders do the same.
Upon announcing the deal, Twitter noted that the bid, which represents a 38% premium to the company’s closing stock price on April 1, is a “substantial cash premium” and would be “the best path forward for Twitter’s stockholders.”
When Twitter’s board adopted an anti-takeover provision known as a “poison pill” just 10 days ago, the move was widely seen as a telltale sign that the directors were gearing up to rebuffMusk’s opening offer or perhaps seek another suitor willing to pay more.
But the battleground shifted dramatically late last week when Musk disclosed he had lined up $46.5 billion — including $21 billion of his personal fortune — to pay for the purchase. Musk said other investors could contribute to the financing.
The locked-in financing not only underscored the seriousness of Musk’s pursuit, but also appeared to open the door to other large Twitter shareholders interested in hearing more about his plans for the San Francisco company.
The details of those conversations aren’t known, but Musk could point to a more than 20-year history building and running several businesses — most notably as the longtime CEO of Tesla. The electric car maker is currently valued at $1 trillion -- roughly 25 times more than Twitter.
This story is from the April 29, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 29, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
TIKTOK SUES US TO BLOCK LAW THAT COULD BAN THE SOCIAL MEDIA PLATFORM
TikTok and its Chinese parent company ByteDance are suing the U.S. over a law that would ban the popular video-sharing app unless it's sold to another company, arguing that it vaguely paints it as a threat to national security to get around the First Amendment.
DISNEY'S STREAMING BUSINESS TURNS A PROFIT IN FIRST FINANCIAL REPORT SINCE CHALLENGE TO IGER
India, Disney+Hotstar, it expects its combined streaming businesses to be profitable in the fourth quarter and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025.
INSTACART PARTNERS WITH UBER EATS TO OFFER RESTAURANT DELIVERIES
Grocery delivery company Instacart is partnering with Uber Eats to offer a new perk to its customers: restaurant delivery.
RYAN GOSLING AND EMILY BLUNT ARE GREAT FUN IN 'THE FALL GUY
One of the worst movie sins is when a comedy fails to at least match the natural charisma of its stars. Not all actors are capable of being effortlessly witty without a tightly crafted script and some excellent direction and editing.
FRENCH CYBERWARRIORS READY TO TEST THEIR DEFENSE AGAINST HACKERS AND MALWARE DURING THE OLYMPICS
Just like the Olympic athletes, the cyberwarriors that will be crucial for the success of the Paris Games are deep into training for the big event.
NINTENDO TO ANNOUNCE SWITCH SUCCESSOR IN THIS FISCAL YEAR AS PROFITS RISE
Japanese video-game maker Nintendo said this week that it will make an announcement about a successor to its Switch home console sometime before March 2025.
US SEEKS INFORMATION FROM TESLA ON HOW IT DEVELOPED AND VERIFIED WHETHER AUTOPILOT RECALL WORKED
Federal highway safety investigators want Tesla to tell them how and why it developed the fix in a recall of more than 2 million vehicles equipped with the company’s Autopilot partially automated driving system.
SLOW TO EXPAND, INTERNET CASINO GAMBLING IS THE FUTURE OF US BETTING, INDUSTRY EXECS SAY
Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos.
US LOOSENS SOME ELECTRIC VEHICLE BATTERY RULES, POTENTIALLY MAKING MORE EVS ELIGIBLE FOR TAX CREDITS
The U.S.government loosened some rules governing electric vehicle tax credits, potentially making more EVs eligible for credits of up to $7,500 but leading critics to accuse the Biden administration of helping China.
FTX WILL RETURN MONEY TO MOST CUSTOMERS LESS THAN 2 YEARS AFTER CATASTROPHIC CRYPTO COLLAPSE
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
