Elon Musk could seize Twitter TODAY as talks reach 'final stages'

Elon Musk seized control of Twitter for $44billion on Monday afternoon as weeks of rollercoaster negotiations finally came to a close.

The world’s richest man, 50, agreed to pay shareholders $54.20 in cash for each share of common stock before the bombshell deal was announced.

The move shifts control of the social media platform populated by millions of users and global leaders to the world’s richest person.

Twitter CEO Parag Agrawal said he was ‘proud of our teams and inspired by the work that has never been more important’ after the new broke.

Ahead of the announcement, Musk called for his ‘worst critics’ to remain on the social media site on Monday morning.

The billionaire said he wanted them to keep using the platform because ‘that is what free speech means’ as talks of a deal for him to take over entered their final stages.

The tycoon’s representatives were said to be hammering out terms including a timeline and fees if an agreement was signed and then fell apart.

The two sides were reportedly working into the early morning to finalize the ‘fluid and fast-moving’ negotiations.

Twitter shares soared by four per cent as the markets opened to $50.84 a share amid reports it would be seized by Musk.

It comes a fortnight after the entrepreneur first sought to woo shareholders with his $54.20-per-share bid.

The billionaire (pictured earlier this month in Texas) could take over the company as soon as this morning as the board reportedly looked set to accept his offer of $54.20 per share

The billionaire (pictured earlier this month in Texas) could take over the company as soon as this morning as the board reportedly looked set to accept his offer of $54.20 per share 

Bret Taylor is the Chair of Twitter's board of directors who are said to be reconsidering Musk's bid

Bret Taylor is the Chair of Twitter’s board of directors who are said to be reconsidering Musk’s bid

Twitter stocks rocketed four per cent as the market opened in New York on Monday morning

Twitter stocks rocketed four per cent as the market opened in New York on Monday morning

Musk tweeted today: ‘I hope that even my worst critics remain on Twitter, because that is what free speech means.’

Earlier, in a cryptic post on his official account, he also wrote: ‘And be my love in the rain.’

His team and Twitter met to discuss the prospective $43billion sale Sunday, with the Wall Street Journal reporting progress had been made.

It is unclear whether Musk himself attended those talks. These were two days after he met with actively-managed funds which hold shares in Twitter.

The paper said there were still issues to hash out after Sunday’s meeting, and there was no guarantee a final deal would be reached.

Those issues are said to include what penalty Musk will pay should the deal fall apart before it is completed.

Dan Ives, an analyst at Wedbush Securities, told the New York Times the deal could be ‘the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix’.

Others suggested Twitter would only approve a deal valuing it at over $60 per share, having slumped from $70 last year to around $48 this year.

Bosses rebuffed Musk’s initial April 14 offer after he did not offer information on how he would buy the network.

He began to win over shareholders after revealing he had secured financing with the help of Morgan Stanley, with half his stake in Tesla offered as collateral.

He committed $21 billion in equity, $13 billion from Morgan Stanley in debt facilities and another $12.5 billion from the bank and others in margin loans.

Twitter’s share price rocketed since news of Musk’s purchase of 9.2 per cent of the firm and initial offer, from around $39-a-share to $48.93 when the markets closed.

That is still below Musk’s offer, which he has always insisted will be the only one he makes.

Musk has been meeting with Twitter shareholders in the last few days, seeking support for his bid.

He said Twitter needs to be taken private to grow and become a genuine platform for free speech.

Earlier Sunday, Musk tweeted he was ‘moving on’ to his more than 83million followers, leaving many in the lurch as to what he was moving on from.

But he later clarified it was in reference to ‘making fun of [Bill] Gates for shorting Tesla while claiming to support climate change action’. 

Earlier on Sunday, Musk had tweeted that he was 'moving on' to his more than 83 million followers, leaving many in the lurch as to what he was moving on from for several hours

Earlier on Sunday, Musk had tweeted that he was ‘moving on’ to his more than 83 million followers, leaving many in the lurch as to what he was moving on from for several hours

Many Twitter shareholders reached out to the firm after Musk outlined a detailed financing plan for his bid on Thursday and urged it not to let a deal slip away.

Musk’s insistence his bid for Twitter is his ‘best and final’ has emerged as a hurdle in the deal negotiations, sources said.

But Twitter’s board has decided to engage with Musk to gather more information on his ability to complete the deal, and potentially get better terms, the sources added.

Twitter has not yet decided if it will explore a sale to put pressure on Musk to raise his bid, according to sources.

The people with knowledge of the matter declined to be identified because the deal discussions are confidential.

Twitter wants to know more about any active investigations by regulators into Musk, including by the US Securities and Exchange Commission (SEC), sources said.

Securities lawyers say Musk, who settled charges he misled investors four years ago, may have breached SEC disclosure rules as he amassed a stake in Twitter this year.

Musk has spent the last ten days interacting with his followers over the potential Twitter bid

Musk has spent the last ten days interacting with his followers over the potential Twitter bid

Elon Musk’s attempted hostile takeover of Twitter timeline:

  • January 31: Musk starts buying Twitter shares ‘almost daily’
  • April 4: The billionaire reveals he has a nine per cent stake in the tech giant
  • April 5: Twitter offers him a seat on the board of directors – as long as he does not own more than 14.9 per cent. He initially accepts the offer
  • April 8: Vanguard Group reveals it has a larger, 10.3 per cent, stake in Twitter, meaning Musk is no longer largest shareholder
  • April 9: Musk rejects seat on Twitter’s board on the day he is meant to join
  • April 10: CEO Agrawal announces Musk declined to join the board in a statement
  • April 12: Investor Marc Bain Rasella files lawsuit against Musk in NYC over ‘failing to report his Twitter share purchases to the SEC’ in time
  • April 14: The Tesla founder offers to buy Twitter for $43 billion
  • April 14: Twitter stocks plummet after hostile takeover bid
  • April 15: Twitter board mounts a ‘poison pill’ strategy against Musk
  • April 16:  Musk tweets ‘Love Me Tender’ as he again teased at the possibility of a hostile takeover of Twitter
  • April 17: Musk agreed with a tweet saying the ‘game is rigged’ if he can’t buy Twitter
  • April 18: Jack Dorsey has slammed the board of Twitter for ‘plots and coups’ that were ‘consistently the dysfunction of the company’ 
  • April 18: The social media giant files its ‘poison pill’ defense with the Securities and Exchange Commission
  • April 21: Musk files SEC document unveiling how he will fund takeover bid
  • April 24: Must tweets ‘moving on’ in reference to poking fun at Bill Gates
  • April 24: Twitter announces it is re-examining Musk’s $43 billion bid to buy the company

Twitter is also looking into whether regulators in any of the major markets it operates would object to Musk owning the company, the source added.

Were Twitter to find a sale to Musk would be risky, it could ask for a sizeable break-up fee, according to the sources.

The social media company adopted a poison pill after Musk made his offer to prevent him from raising his more than 9 per cent stake in the company above 15 per cent without negotiating a deal with its board.

In response, Musk threatened to launch a tender offer he could use to register Twitter shareholder support for his bid.

Twitter’s board weighed concerns that unless it sought to negotiate a deal with Musk, many shareholders could back him in a tender offer, the sources said.

While the poison pill would prevent Twitter shareholders from tendering their shares, the company is worried its negotiating hand would weaken considerably if it was shown to be going against the will of many of its investors, the insiders added.

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The Wall Street Journal reported earlier on Sunday Musk and Twitter had met to discuss the acquisition offer.

The price expectations among Twitter shareholders for the deal diverge largely based on their investment strategy, the sources said.

Active long-term shareholders, who together with index funds hold the biggest chunk of Twitter shares, have higher price expectations, some in the $60s-per-share, the sources said. 

They are also more inclined to give Parag Agrawal, who became Twitter’s chief executive in November, more time to boost the value of the company’s stock, the sources added.

‘I don’t believe that the proposed offer by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects,’ Saudi Arabia’s Prince Alwaleed bin Talal, a Twitter shareholder, tweeted on April 14.

Short term-minded investors such as hedge funds want Twitter to accept Musk’s offer or ask for only a small increase, the sources said.

Some of these are fretting a recent plunge in the value of tech stocks amid concerns over inflation and an economic slowdown makes it unlikely Twitter will be able to deliver more value for itself anytime soon, the sources added.

Sahm Adrangi, portfolio manager at Kerrisdale Capital Management, a hedge fund that owns 1.13 million shares in Twitter, or 0.15 per cent of the company, said: ‘I would say, take the $54.20 a share and be done with it.’

One silver lining for Twitter’s board is Musk’s offer did not appear to convert much of his army of 83million followers into new shareholders in the firm, the sources said.

Twitter’s retail investor base has increased from about 20 per cent before Musk unveiled his stake on April 4 to some 22 per cent.

Twitter's board is led by chairman Bret Taylor, who is also the co-CEO of business software giant Salesforce

Twitter’s board is led by chairman Bret Taylor, who is also the co-CEO of business software giant Salesforce

Twitter CEO Parag Agrawal, who also holds a board seat, insisted that the company was not being 'held hostage' by Musk as he sought to reassure panicked employees

Jack Dorsey

Twitter CEO Parag Agrawal (left) and co-founder Jack Dorsey (right) also hold board seats 

If the board were to reject Musk's tender offer, he could then approach the shareholders, who may accept the offer. Musk could also employ a proxy fight in which opposing groups of stockholders attempt to persuade other stockholders to let them use their shares' proxy votes. Twitter's San Francisco headquarters is pictured in July 2021

If the board were to reject Musk’s tender offer, he could then approach the shareholders, who may accept the offer. Musk could also employ a proxy fight in which opposing groups of stockholders attempt to persuade other stockholders to let them use their shares’ proxy votes. Twitter’s San Francisco headquarters is pictured in July 2021

Poison pill plans use the threat of dilution to dissuade takeovers

The Twitter board, meeting on Thursday afternoon, decided to combat Musk’s takeover bid with a so-called ‘poison pill’ provision that would prevent the Tesla CEO from increasing his stake in Twitter

Also known as shareholder rights plans, poison pills typically trigger an automatic stock dilution through a flood of new shares if a corporate raider’s ownership stake grows too large.  

For instance, if a single shareholder hits 15% ownership, a poison pill could be designed to allow every other shareholder to buy a new issue of shares at a discount.

Knowing such a plan could be triggered, raising the cost of a takeover astronomically, the bidder would be disinclined to pursue a takeover without the board’s approval. In Twitter’s case, the idea of such a plan would be to prevent Musk from increasing his 9.1 percent stake in order to pressure the board to accept his deal.

Last week Musk said ‘all real humans’ on Twitter would be verified if his takeover bid succeeds.

The Tesla and SpaceX CEO tweeted on Thursday if he is able to buy the company he would focus on removing spam from the site.

He posted: ‘If our twitter bid succeeds, we will defeat the spam bots or die trying! And authenticate all real humans.’

Authentication on Twitter refers to when the site provides a blue check mark on a user’s handle name.

It is generally used by the firm to show public figures’ accounts actually belong to them – and is often seen as a status symbol among users.

Pensions & Investment Research Consultants (Pirc) claimed Musk’s battle to seize control of Twitter could be a distraction from his work at Tesla.

One analyst at Pirc said: ‘This latest episode of the Elon Musk show is a consideration for shareholders of Tesla.

‘Musk is rich, but he does not have unlimited funds, and for his multi-billion bid to come off, it is likely he would need to sell some of his shares in Tesla to finance the deal.

‘And with his time preoccupied running Twitter, a successful acquisition may take Musk’s attention away from the electric car company to the detriment of its operations.

‘That may represent a further investor risk to Tesla shareholders.

‘Even if the bid fails, the fact that the Tesla chief executive seems to be distracted by a social media company may not be seen as a good thing.’

Despite this, Tesla posted record quarterly results on Thursday amid booming demand for its electric cars.

 

 

The Tesla and SpaceX CEO tweeted on Thursday if he is able to buy the company he would focus on removing spam from the site

The Tesla and SpaceX CEO tweeted on Thursday if he is able to buy the company he would focus on removing spam from the site

The company reported huge revenues of $18.65 billion for the first three months of 2022.

A Stanford professor, a banker and tech giants … who is on Twitter’s board?

  • Chairman Bret Taylor
  • CEO Parag Agrawal
  • Co-founder Jack Dorsey
  • MasterCard exec Mimi Alemayehou
  • Private equity investor Egon Durban
  • Karaoke tycoon Martha Lane Fox
  • Ex-Google exec Omid Kordestani
  • Stanford professor Fei-Fei Li
  • Venture capitalist Patrick Pichette
  • 1stDibs CEO David Rosenblatt
  • Ex-banker Robert Zoellick

It was 81 per cent higher than a year earlier as profits rose 147 per cent to $5.48 billion. The figures came as Tesla delivered a record 310,000 cars in the first quarter.

Shares in Tesla rose four per cent in afterhours trading, having fallen five per cent earlier amid a tech sell-off sparked by dreadful results from Netflix.

The surge in turnover was achieved despite challenges in the supply chain, such as Covid-19 outbreaks and chip shortages.

Tesla’s latest trading update also recognized the increased cost of raw materials for the company.

Tesla shares have risen nearly 1,800 per cent in the past three years, from just over $50 to around $980.

That values the company at over $1trillion – making it worth more than the next 12 largest carmakers combined.

Musk sent shockwaves through the tech world two weeks ago with an unsolicited bid to buy the company.

He said the promotion of freedom of speech on Twitter as a key reason for what he called his ‘best and final offer’.

Meanwhile he teased on Twitter about his plans for the company, apparently referring to a tender offer in a tweet saying ‘Love Me Tender’.

He also appeared to suggest he would banish the board, saying its salary would be $0 ‘if my bid succeeds’.

Elon Musk’s ‘Love Me Tender’ tweet hints at a tender offer.. but what does it mean?

Elon Musk’s Love Me Tender tweet appeared to hint at a tender offer to shareholders. The 50-year-old simply tweeted on Saturday afternoon ‘Love Me Tender’ with musical notes around it.

A tender offer, also known as a hostile bid, would see him bypass the board and go straight to the shareholders with his offer of $54.20 a share. But he would need to file a form with the SEC for this, meaning he would need to show how he would fund his bid.

It could pose as a problem for the Tesla billionaire, with it still unclear how he would pay for any deal to buy Twitter.

He was also backed on social media by Twitter cofounder Jack Dorsey, who has lashed out at the board for being ‘dysfunctional’.

Twitter last Monday filed its ‘poison pill’ plan with the SEC as it cemented its attempt to block Musk from executing the hostile takeover.

The document said: ‘In connection with the adoption of the Rights Agreement, on April 15, 2022 the Board approved a Certificate of Designation of Rights, Preferences and Privileges of Series A Participating Preferred Stock (the ”Certificate of Designation”) setting forth the rights, powers and preferences of the Preferred Stock.

‘The Certificate of Designation was filed with the Secretary of State of the State of Delaware on April 18, 2022.’

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The strategy triggered a dilution of company shares if any shareholder builds up a 15 per cent stake without the board’s approval.

But it did not prevent Twitter from accepting Musk’s offer or entering negotiations with him or other potential buyers.

Yet it will stop the billionaire from putting pressure on the board by buying up ever more shares on the open market.

Twitter said its ‘poison pill’ plan was ‘similar to other plans adopted by publicly held companies in comparable circumstances’.

It said: ‘The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium.’

It meant if Musk or any other person or group acquires at least 15 per cent of Twitter’s stock, the ‘poison’ pill will be triggered.

Every other shareholder aside from Musk would be allowed to purchase new shares at half the market price.

The flood of half-price shares would effectively dilute his ownership stake, making it massively more expensive for him to build up a controlling position.

Twitter said its board had voted unanimously in favor of the plan, which will remain in effect until April 14, 2023.

Its board is led by chairman Bret Taylor. Twitter CEO Parag Agrawal and co-founder Dorsey also hold board seats.

Rounding out the board are: MasterCard executive Mimi Alemayehou, private equity investor Egon Durban, karaoke tycoon Martha Lane Fox, former Google exec Omid Kordestani, Stanford professor Fei-Fei Li, venture capitalist Patrick Pichette, 1stDibs CEO David Rosenblatt, and former banker and diplomat Robert Zoellick.

Despite Twitter’s latest move, Musk could still defy the board and take over in a proxy fight by voting out the current directors – though this strategy could take years.

He previously responded to reports the board was mulling a ‘poison pill’ plan by tweeting: ‘If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.’

‘The liability they would thereby assume would be titanic in scale,’ he added, apparently referring to potential shareholder lawsuits.

Tesla tycoon versus Big Tech: How swashbuckling billionaire Elon Musk fought off ‘poison pill’, lawsuits and hostile board of directors to home in on $43bn Twitter takeover

It has been one of the most dramatic takeover attempts in history, seeing a swashbuckling billionaire pitted against one of the largest tech giants in the world.

But Elon Musk‘s seizing of Twitter has been a months-long pursuit that has seen him send shockwaves through the world of business.

The Tesla magnate started hoarding shares in the social media firm at the start of the year in an apparent bid to preserve free speech online.

He quickly rocketed to the top of its shareholders’ list, acquiring a huge 9% stake in the tech giant.

But then he hit choppy waters, accepting a place on the board then rejecting it, getting embroiled in lawsuits and seeing rival companies circle to buy Twitter.

Meanwhile bosses at the social media firm appeared to do all they could to ensure he could not not seize it – even launching a ‘poison pill’ strategy to sink his chances.

Yet Musk brazenly blasted through all the obstacles, punting a $43billion offer earlier this month and showing how he would finance it.

The entrepreneur looks set to pull off one of the all-time greatest takeovers as his representatives were said to be hammering out terms of an agreement today.

The two sides were reportedly working into the early morning to finalize the ‘fast-moving’ negotiations while sources said the firm had not had any counter offers.

It saw Twitter shares in the US soar by four per cent as the markets opened to $50.84 a share.

Today Musk called for his ‘worst critics’ to remain on the platform because ‘that is what free speech means’. 

Here, DailyMail.com looks at the rollercoaster journey he has been on over the last few months as he closes in on his prize. 

The Tesla magnate started hoarding shares in the social media firm at the start of the year in an apparent bid to preserve free speech online

The Tesla magnate started hoarding shares in the social media firm at the start of the year in an apparent bid to preserve free speech online

January 31: Musk hoards Twitter shares and buys them ‘almost daily’

Musk started buying Twitter stock on January 31 and continued to buy shares during every trading session through April 1, according to an SEC filing.

Just days earlier, he told his 80 million followers on the site he was ‘ giving serious thought ‘ to creating his own social media platform.

A user asked him: ‘Would you consider building a new social media platform, @elonmusk?

‘One that would consist an open source algorithm, one where free speech and adhering to free speech is given top priority, one where propaganda is very minimal. I think that kind of a platform is needed.’

The Tesla and SpaceX CEO replied through his official account: ‘Am giving serious thought to this.’

The billionaire businessman, 50, appeared to be suggesting he was sick of Twitter over the right to freedom of speech.

April 4: Musk says he bought 9.2 percent stake in firm a month earlier

Musk revealed he had purchased a 9.2 percent stake in the social media giant on March 14.

He tweeted ‘oh hi lol’ after the news sent shockwaves through the business world and across social media. He added: ‘Do you want an edit button?’

April 5: He joins Twitter’s board of directors – sees share price rocket

Twitter said the tech tycoon was joining the company’s board of directors, causing the social media platform’s shares to rise over 7 per cent in premarket trading.

It led to speculation he would try to address what he called the platform’s ‘failure to adhere to free speech principles’ and ‘fundamentally undermine democracy’.

Under the terms of the agreement, Musk would have served on the board until the company’s 2024 annual shareholders meeting.

As long as he remains a director, the agreement said, he could not won more than 14.9 percent of the company’s stock.

It meant he would not have been able to take over the company until well after his term on the board was over.

The firm said: ‘Twitter is committed to impartiality in the development and enforcement of its policies and rules.

‘Our policy decisions are not determined by the Board or shareholders, and we have no plans to reverse any policy decisions.’

‘As always our Board plays an important advisory and feedback role across the entirety of our service.

‘Our day to day operations and decisions are made by Twitter management and employees.’ 

 

 

April 8: Asset managers take over Musk as largest shareholders

Asset manager Vanguard Group increased its stake to overtake Musk as the largest shareholder.

Vanguard owned 10.3 percent of Twitter, while the Tesla tycoon owned 9.1 per cent, making him the largest individual shareholder.

Vanguard, led by CEO Tim Buckley, increased its stake in the company at some point during the first quarter, according to SEC filings made on April 8.

It previously reported owning 67.2million shares of Twitter or about 8.4 per cent of the company as of the end of December, according to FactSet.

Other owners of large quantities of Twitter stock included Morgan Stanley, Fidelity and Black Rock.

Vanguard, led by CEO Tim Buckley, increased its stake in the company at some point during the first quarter, according to SEC filings made on April 8

Vanguard, led by CEO Tim Buckley, increased its stake in the company at some point during the first quarter, according to SEC filings made on April 8

April 9: Musk rejects the offer to join Twitter’s board of directors

Musk rejected an offer to join Twitter’s board after disclosing his stake in the company.

Analysts said the move signaled his intention to take over the company as a board seat would have limited his stake to just under 15 per cent.

Parag Agrawal said the board would still ‘remain open’ to Musk’s input, but warned: ‘There will be distractions ahead but our goals and priorities remain unchanged.’

He said: ‘The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks.

‘We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.’

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Agrawal continued: ‘We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance.

‘Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board.’

Parag Agrawal said the board would still 'remain open' to Musk's input, but warned: 'There will be distractions ahead but our goals and priorities remain unchanged'

Parag Agrawal said the board would still ‘remain open’ to Musk’s input, but warned: ‘There will be distractions ahead but our goals and priorities remain unchanged’

April 12: Twitter shareholder Marc Bain Rasella files suit against Musk

Marc Bain Rasella filed a lawsuit against Musk for alleged securities fraud at a Manhattan federal court, according to a Bloomberg report.

The suit claimed the billionaire was required to disclose his holdings to the SEC by March 24, but the delay kept Twitter’s share price down allowing Musk to buy more.

Musk was accused of violating a regulatory deadline to reveal he had accumulated a stake of at least five per cent.

Instead, according to the complaint, Musk did not disclose his position in Twitter until he had almost doubled his stake to more than nine per cent.

That strategy, the lawsuit alleges, hurt less wealthy investors who sold shares in the company in the nearly two weeks before Musk acknowledged holding a major stake.

April 14: The Tesla tycoon offers to buy Twitter for $43 BILLION

Musk offered to buy Twitter for $43billion, a regulatory filing showed, as he moved to seize the social media giant.

Musk’s offer price of $54.20 per share represented a 38 per cent premium to the closing price of Twitter’s stock on April 1.

This was the last trading day before the Tesla CEO’s over nine per cent investment in the company was publicly announced.

It even appeared to reference marijuana – also known as 420 – a common reference used by Musk on Twitter.

Twitter said in a regulatory filing Musk provided a letter containing a proposal to buy the remaining shares of Twitter he did not already own.

April 15: Twitter launches ‘poison pill’ strategy to stop Musk buyout

Twitter’s board announced a dramatic poison pill plan to prevent Musk from increasing his stake in the company.

Also known as a shareholder rights provision, the plan would trigger a dilution of shares if any shareholder builds up a 15 per cent stake without the board’s approval.

The plan did not prevent Twitter from accepting Musk’s offer or entering negotiations with him or other potential buyers.

But it did stop the billionaire from putting pressure on the board by buying up ever more shares on the open market.

Musk hit back with a laughing emoji to a version of the classic ‘Distracted Boyfriend’ meme mocking Twitter’s board.

The imaged depicted ‘Twitter’s board’ looking wistfully at the option to ‘keep that easy gig that gives me shares’ as ‘Twitter investors’ look on with disgust.

Twitter's board is led by chairman Bret Taylor, who is also the co-CEO of business software giant Salesforce

Twitter’s board is led by chairman Bret Taylor, who is also the co-CEO of business software giant Salesforce

April 16: Musk tweets Love Me Tender in tease of hostile takeover

Musk tweeted ‘Love Me Tender’ as he again teased at the possibility of a hostile takeover of Twitter.

The billionaire posted the Elvis Presley lyrics in a potential bid to lure shareholders with a tender offer that could see him seize control.

A tender offer would see him bypass the board and go to shareholders with his offer of $54.20 a share – but he would need to show how he would finance his bid.

He also appeared to suggest he would strip board members of their salaries, saying they would get ‘$0 if my bid succeeds’.

April 18: Jack Dorsey slams the Twitter board for ‘plots and coups’

Jack Dorsey slammed the board of Twitter as he weighed into the toxic fight over Elon Musk’s attempted hostile takeover for the first time.

The former CEO, who is still a member of the board himself, blasted the ‘plots and coups’ that were ‘consistently the dysfunction of the company’.

In a series of bombshell tweets and replies, he endorsed one posting saying that ‘a bad board will kill a company every time’.

Replying to one post, he said: ‘When I was fired in 2008 and made chair, the board took most of my shares away from me.

‘I also gave 1 per cent of the company back to the employee pool in 2015. So, ended up with very little of company.’

He also replied to one comment mentioning ‘plots and coups’ in the Twitter board saying: ‘it’s consistently been the dysfunction of the company’.

Earlier in the thread, he replied to a post quoting a ‘Silicon Valley proverb’ by venture capitalist Fred Destin.

It said: ‘Good boards don’t create good companies, but a bad board will kill a company every time.’ Dorsey said: ‘Big facts.’

Former CEO Dorsey slammed Twitter's board of directors on as he replied to a series of unfriendly tweets

Former CEO Dorsey slammed Twitter’s board of directors on as he replied to a series of unfriendly tweets

April 21: SpaceX boss unveils his $46.5billion financing package

Elon Musk unveiled his $46.5billion financing package to fund his takeover of Twitter – using Tesla as collateral.

The world’s richest man filed documents with the Securities and Exchange Commission outlining how he would seize the social media giant.

He committed $21billion in equity, $13billion from Morgan Stanley in debt facilities and another $12.5billion from the bank and others in margin loans.

But ‘a portion’ of his shares in Tesla have been put forward as collateral, which analysts feared could have a huge impact on the firm.

The 50-year-old billionaire also revealed he was weighing up launching a tender offer for Twitter after the company ignored his acquisition offer.

He said he was exploring getting stocks directly from shareholders but admitted he ‘has not determined whether to do so at this time’.

Musk filed the document with the SEC showing how he planned to take over Twitter for about $46.5billion.

He secured a debt commitment letter from Morgan Stanley Senior Funding to the tune of $13billion in financing.

This was made up of a loan of $6.5billion, a senior secured revolving facility for $500million, a bridge loan of up to $3billion and an unsecured bridge loan for up to $3billion.

He also got a margin loan commitment letter from Morgan Stanley for $12.5 billion in margin loans. And Musk also got $21billion through equity financing.

But he has used ‘a portion’ of his shares in Tesla as collateral in the high-stakes move, which analysts warned could have huge ramifications for the company.

 

April 22: Musk posts ‘boner’ killer picture of Bill Gates on Twitter

Musk dissed Bill Gates’ gut on Twitter, posting a photo of the Microsoft mogul next to Apple’s controversial pregnant man emoji ‘in case you need to lose a boner.’

He posted a follow-up image in response to the Friday post of six hooded figured captioned ‘shadow ban council reviewing Tweet’.

The joke could further infuriate woke Twitter staffers angered by Musk’s ongoing bid to buy the firm after saying he would support free speech.

That is because the pregnant man emoji is aimed at being inclusive to transgender people – with Musk frequently taking aim at what he sees as woke overreach.

 

April 25: Musk ‘closes in on seizing Twitter’ as talks in ‘final stages’

Musk was closing in on seizing Twitter as talks between the Tesla magnate and the tech giant entered their final stages, reports say.

The billionaire could take over the company as soon as this morning as the board reportedly looked set to accept his offer of $54.20 per share.

The tycoon’s representatives were said to be hammering out terms including a timeline and fees if an agreement was signed and then fell apart.

The two sides were reportedly working into the early morning to finalize the ‘fluid and fast-moving’ negotiations.

Twitter shares soared by four per cent as the markets opened to $50.84 a share amid reports it would be seized by Musk. 

Twitter stocks rocketed four per cent as the market opened in New York on Monday morning

Twitter stocks rocketed four per cent as the market opened in New York on Monday morning

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