| 26 May 2022, Thursday |

Elon Musk tweets cryptic phrase days after Twitter takeover offer

Elon Musk, the billionaire entrepreneur who bid to acquire Twitter Inc for $43 billion, tweeted a series of dashes for a missing word followed by “is the Night.”

The offer from Musk, who has hinted at a hostile takeover, has spurred the social media business to implement a “poison pill” strategy to safeguard itself.

Musk, who is also the chief executive of electric-vehicle maker Tesla Inc, on Monday tweeted “Love Me Tender,” an Elvis Presley song, after Twitter opted for a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15 percent. Musk currently has a 9.1 percent stake.

The New York Post on Tuesday reported Musk was willing to invest between $10 billion and $15 billion of his own money to
take Twitter private, citing two sources familiar with the matter.

The billionaire, who is Twitter’s second-biggest shareholder, is planning to launch a tender offer in about 10 days and has tapped Morgan Stanley to raise another $10 billion in debt, according to the report.

Musk may also be willing to borrow against his current stake if necessary, a move that could possibly raise several billion additional dollars, according to the New York Post report.

Twitter declined to comment. Tesla did not immediately respond to a Reuters request for comment from Musk.

More private-equity firms have expressed interest in participating in a deal for Twitter, people familiar with the matter told Reuters on Monday without naming the firm.

The interest emerged after Thoma Bravo, a technology-focused private-equity firm, contacted the social media platform last week to explore a buyout that would challenge Musk’s offer.

Apollo Global Management Inc is considering ways it can provide financing to any deal and is open to working with Musk or any other bidder, the sources told Reuters.

Many investors, analysts, and investment bankers expect Twitter’s board to reject Musk’s offer in the coming days, saying it is inadequate.

  • alarabiya