Elon Musk posts cryptic tweet as Twitter battle escalates

Elon Musk posts cryptic tweet as Twitter battle escalates

An ambiguous reference to an Elvis Presley tune launched in 1956 might provide a touch on the subsequent stage of Elon Musk’s effort to purchase Twitter.

Musk sparked renewed hypothesis about his plans when he tweeted “Love Me Tender” on Saturday. The tweet got here hours after Twitter’s board enacted a “poison tablet” provision geared toward limiting Musk’s means to amass a bigger stake within the firm.

In one other tweet, Musk posted an upside-down smiley face emoji whereas resurfacing a 2017 thread during which he requested how a lot it will price to purchase Twitter outright.

Whereas Musk offered no additional particulars within the posts, the throwback Elvis reference is a possible sign that the billionaire is contemplating a hostile bid to bypass Twitter’s board and make a direct provide to firm shareholders.

With a so-called tender provide, a potential purchaser pursues a takeover by publicly asking shareholders to promote their inventory at a selected value.

The poison tablet provision – a defensive tactic incessantly employed throughout takeover battles – would flood the market with discounted Twitter shares if Musk acquired greater than 15% of the corporate. Musk at present owns an roughly 9% stake.

Musk has demanded that Twitter’s board enable shareholders to resolve whether or not to just accept his provide – a possible precursor to a proper tender provide for management of the corporate.

“It could be completely indefensible to not put this provide to a shareholder vote. They personal the corporate, not the board of administrators,” Musk tweeted final week, hours after his provide went public.

Elon Musk has hinted he has a plan B if Twitter rejects his provide.TED Conferences, LLC/AFP through Getty Photographs

Twitter’s board has but to make a closing resolution on Musk’s preliminary provide to purchase the corporate for about $43 billion. However Musk rejected a seat on the corporate’s board after clashing with present administration about Twitter’s future route.

Throughout an look at a TED Speak convention in Vancouver final week, Musk stated he has a “plan B” to make use of if Twitter rejects his provide, although he has but to disclose the alternate path.

Musk would probably have to companion to fund a young provide, which is mostly proposed at a premium to an organization’s present inventory value. Twitter shares hovered close to $45 earlier than the opening bell Monday.

And Musk already faces competitors from different corporations occupied with buying Twitter. As The Submit reported, non-public fairness big Thoma Bravo is engaged on a potential bid for the corporate.

About Muji Sakawari

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