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.)

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