Twitter Expected to Accept Elon Musk's Bid to Buy
by Kenna McCafferty
25 April 2022
Well, folks. Despite all the "poison pill" chatter — It's probably happening soon. Twitter is reportedly closing in on the deal to sell the platform to Elon Musk at $54.20 per share.
Eleven days after the Tesla and SpaceX CEO offered to buy the company, it seems the dystopian Tesla x Twitter future is imminent. According to the Wall Street Journal, it could even be today.
This deal has been uncharacteristically quick. Just last week, Musk revealed he had secured $46.5 billion in financing to acquire the company valued at more than $41 billion. Twitter’s board met Sunday, and sources say the discussions about Musk’s bid have become serious.
Imagine taking the toilet-tweeter seriously...
At least 50% of my tweets were made on a porcelain throne— Elon Musk (@elonmusk) November 22, 2021
And whether or not he’d be able to finance the acquisition has been up for debate, after the volatile billionaire said in an interview on the day of his initial offer, “I’m not sure I’ll actually be able to acquire [Twitter].”
But it seems he’ll soon reign Twitter from that same porcelain throne. The idea of one of the world’s richest people owning one of the most influential social media platforms has raised red flags for many, but Musk has stressed the importance of "preserving free speech" as the driving force behind his investment in Twitter.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk said in his offer letter. "However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
Even before making the bid, Musk’s holding of a more than 9% stake in the company raised red tape, with Twitter putting in place a “poison pill” aimed at making it more difficult for Musk to acquire the company without board approval, and rumors circulated about whether they’d pursue another buyer.
But, with Twitter shares performing below the offer price, Musk might be the “white knight” they need, despite Twitter’s 5% increase in stock this morning.
It’s still unclear what this could mean for Twitter users, should the deal go through, but we’re guessing we can still expect more of... well... this:
April 7, 2022
Photo via Getty/ Hannibal Hanschke-Pool