Su Twitter, Elon Musk he's serious. After recently buying 9% of the social network, Tesla's number one has decided to raise the bar, presenting a hostile takeover bid for the entire company.
Musk's hostile takeover bid on Twitter
In all, Musk has put $41,39 billion on the table, or $54,20 per share, a figure that incorporates a 38% premium over the April 9 stock market close. Reference is made to that date because the following day Musk himself, with the acquisition of XNUMX% of Twitter, triggered a wave of speculation on the stock.
Elon Musk's stated goal is to take Twitter off the stock market and “unlock its extraordinary potential”.
The stock market reaction
In the pre-market, Twitter headlines in New York they jumped by 11,45% (to 51,10 dollars), while those of Tesla dropped 1,33% to 1008.81 dollars.
Musk's Twitter accounts and whereabouts
In 2021 Twitter, which has over 200 million active users worldwide, recorded revenues of over 5 billion, but also a loss balance of almost 500 million.
Elon Musk is Twitter's largest shareholder ahead of the Vanguard fund, which holds 8,7%. The share in the hands of the founder of Tesla is now four times higher than that controlled by the founder of Twitter, Jack Dorsey.
A class action against Musk
Shortly before the announcement of the hostile takeover bid, news had arrived of a class action lawsuit against Musk: a group of investors accused him of violating the law "belatedly communicating his purchase” of 9% of the group “to be able to buy more shares at a lower price”, thereby saving approximately $143 million.
According to the legal documents filed in New York, on March 24 Musk should have reported to the SEC (the American Consob) that he had exceeded 5% in the capital of Twitter. The communication, however, only arrived on April 4, thus allowing therichest man in the world (according to the Forbes ranking) to continue buying Twitter shares without the price increase that the news would certainly have caused.
Musk has not yet responded to the allegations.
