That sounds like a board-seat level investment to me.
I wonder at what point Elon has his fingers in too many pies. It’s incredible that he’s been able to do all he’s done, but everyone has limits. Not that I mind what he does, I’m just worried for him and his other cool projects.
Populating mars, the boring company, electric cars, monster rockets aaand… twitter.
I thought it is odd that he turned down the board seat, probably because he wanted more control.
I know that he thinks twitter needs fixed but this just does not seem to fit with his other projects.
He only needs 51% shares to control it. I suppose its one way to control that Bezos says on Twitter LOL
Sloppy reporting too, at $54.20 a share Elon only needs 39.4 billion to buy the rest.
Total shares 800,641,166 ordinary shares less Elon’s 73,486,938 shares leaves 727,154,228 ord shares.
at $54.20 is $39.412 billion
If he goes for 51% to have full control he needs 408,326,995 - 73,486,938 = 334,840,057 shares
at $54.20 is only $18.148 billion
I think there was a rule that with the seat he could own no more than 13% or something around there.
But yes odd why he wouldn’t just aim for 51%.
The article says that he wants to make the company private. That may require more than 51% depending on the articles of incorporation and bylaws.
Well he bought nearly 9.2%. I know in Australia you only need to announce your intentions (to government & public) to do a buy out or take control, then see if permission is given by government department, then offer is valid. I suspect it would be something like that in the US
The company doesn’t really have a say at that point other than making public statements, advising shareholders to accept or reject.
Not sure what happens if the cannot reach the announced goal amount. Does it get rejected and no shares changes hands, I seem to remember that is what happens on a buy out.
Yes, I believe that to be the case otherwise its not private is it.
Needless to say, I have popcorn ready for the coming twit-pocolypse. He did it, he actually did it. Time will tell if he can excercise the demons though…
Let’s hope his goal is to decentralise it. But I doubt it.
The larger than required sum of money announced, may represent a warning to those who would attempt to counter him.
Part of me thinks he’s just having fun. It will be also interesting to see if he will be actually be ‘allowed’ to buy it. Whichever way it goes, he wins and the board+officers will probably be replaced. Farewell.
He may find having his own propaganda machine necessary in a world where liars flood everyone/thing with noise.
Now it’s getting interesting
They may be buying it up to then vote to sell to Musk for a hefty turnaround in profit. As a fund, it would make no fiduciary sense to those invested in their funds to buy up so much of the company just to have the price likely crash if Musk’s offer is rejected.
re: Musk buyout offer … occurs to me that he, being aware that the oligarchs will pay about any price to maintain ownership and control over twitter, might simply be playing them for a huge payout. Given he already owns a large amount and given his offer, those who oppose him will push the stock price much higher than his bid … at which point in time he will sell his stake at a large markup …
Would be funny then if he used the profits squeezed from the control freaks to fund his own platform … or maybe rinse-wash-repeat with Meta. what are they gonna do - he has them between a rock and a hard place.
A lot of people really don’t want musk to own Twitter. This ‘news’ anchor gives a big reason why.