Tesla CEO Elon Musk may bring wealthy partners to acquire Twitter

As Twitter adopts a ‘poison pill’ strategy to stop Elon Musk from forcibly buying it, the Tesla CEO is reportedly talking to investors who might partner with him on acquiring the micro-blogging platform. Huh.

According to a report quoting sources in The New York Post, “a new plan involving the partners could be announced within days”.

This could be Musk’s ‘Plan B’, as he mentioned during a TED talk show this week to acquire 100 percent of Twitter for about $43 billion.

Musk “could join private-equity firm Silver Lake Partners, which he plans to co-invest with in 2018, when he is considering taking Tesla private”, the report said late Friday. .

Silver Lake co-CEO Aegon Durban is a member of the Twitter board.

“He led Musk’s deal team during 2018’s failed attempts to take Tesla private,” the report said.

Silver Lake declined to comment on the report.

Twitter’s board of directors has unanimously adopted a limited-term shareholder rights plan following an unsolicited, non-binding offer by Musk to acquire Twitter.

The possession plan or “poison pill” strategy is used by a firm to deter or discourage a potentially hostile takeover. This gives existing shareholders the right to purchase additional shares at a discount, effectively reducing the ownership interest of a new and hostile party.

“But the bullet may not deter other entities or individuals from acquiring up to 15 percent of their own shares in the company,” the report said.

“Those owners can partner with Musk to force a sale, change executive ranks, or push for other overhauls of the company,” it added.

Musk is one of Twitter’s largest shareholders with a 9.2 percent stake.

Asset management firm Vanguard Group revealed last week that its funds now hold a 10.3 per cent stake in Twitter, making it the largest shareholder.

Musk also started a new poll on Twitter with his nearly 82 million followers, with the subject line “Taking Twitter Private at $54.20 Should Be for the Shareholders, Not the Board”.

“Will endeavor to have as many shareholders as possible in privatized Twitter as permitted by law,” he posted.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only reinforced our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and sharp comments on relevant relevant issues.

However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard,

digital editor

Stay Connected With Us On Social Media Platforms For Instant Updates Click Here To Connect With Us TeaveterAnd Facebook

we are on now wire. Click here to join our channel (@TechiUpdate) And stay updated with the latest technology headlines.

for all the latest Business News Click Here

Follow us on Google News for the latest news and updates,

read original article here

Denial of responsibility! NewsAzi is an automated aggregator around global media. All the material is available free of cost on the internet. We have arranged it on one platform only for educational purpose. In each material, a hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all content belongs to their authors. If you are the owner of the content and do not want us to publish your content on our website, please contact us E-mail – [email protected], Content will be removed within 24 hours.

Source link

Leave a Comment