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 9,000+ 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 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIAN STATES BACK NATIONAL PLAN TO BAN CHILDREN YOUNGER THAN 16 FROM SOCIAL MEDIA
Australia’s states and territories unanimously backed a national plan to require most forms of social media to bar children younger than 16.
FACEBOOK AND INSTAGRAM USERS IN EUROPE CAN OPT FOR LESS PERSONALIZED ADS
Facebook and Instagram users in Europe will get the option to see less personalized ads if they don’t want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over privacy and digital competition concerns.
IN THIS FLORIDA SCHOOL DISTRICT. SOME PARENTS ARE PUSHING BACK AGAINST A CELLPHONE BAN
It’s no surprise that students are pushing back on cellphone bans in classrooms. But school administrators in one South Florida county working to pull students’ eyes away from their screens are facing some resistance from another group as well – parents.
DIAMOND SPORTS GROUP WILL OFFER SINGLE-GAME PRICING TO STREAM NBA AND NHL GAMES STARTING NEXT MONTH
The nation’s largest owner of regional sports networks will offer single-game pricing for NBA and NHL games beginning next month.
ON THE EVE OF OSCARS HONOR, JAMES BOND PRODUCERS REFLECT ON LEGACY AND FUTURE OF 007
For the late James Bond producer Albert “Cuddy” Broccoli, receiving the Irving G. Thalberg Memorial Award was a true high point in his career.
'SATURDAY NIGHT LIVE' TO TRUMP: 'WE'VE BEEN WITH YOU ALL ALONG'
The first “Saturday Night Live” since Donald Trump’s election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
US AGENCY SAYS TESLA'S PUBLIC STATEMENTS IMPLY THAT ITS VEHICLES CAN DRIVE THEMSELVES. THEY CAN'T
The U.S. government’s highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves, conflicting with owners manuals and briefings with the agency saying the electric vehicles need human supervision.
WAYMO'S ROBOTAXIS NOW OPEN TO ANYONE WHO WANTS A DRIVERLESS RIDE IN LOS ANGELES
Waymo this week opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago.
BITCOIN HAS TOPPED $93,000 FOR A NEW RECORD HIGH. WHAT TO KNOW ABOUT CRYPTO'S POST-ELECTION RALLY
As money continues to pour into crypto following Donald Trump’s victory last week, bitcoin has climbed to yet another record high.
AMAZON LAUNCHES AN ONLINE DISCOUNT STOREFRONT TO BETTER COMPETE WITH SHEIN AND TEMU
Amazon has launched a low-cost online storefront featuring electronics, apparel and other products priced at under $20, an effort to compete with discount retailers that have increasingly encroached on the e-commerce giant’s turf.
