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Home News

Musk Opens Door To buying more of Twitter For Deal As He Avoids Board

by Srestha Roy
April 13, 2022
in News
Reading Time: 2 mins read
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Musk Opens Door To buying more of Twitter For Deal As He Avoids Board

Source - Money control

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According to a securities filing on Monday, Elon Musk may buy more shares in Twitter Inc. now that he has decided not to accept a position on the social media company’s board of directors.

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Source – Money control

 

Since Tesla Inc. chief executive officer Elon Musk first stated he had bought a stake of little over 9% — making him the company’s largest individual stakeholder — the dramatic turnaround over the board seat over the weekend has reignited speculation about Musk’s intentions for Twitter. Musk is no longer bound by an agreement to keep his investment below 14.9 percent because he is not a board member. At 10:34 a.m. Monday in New York, Twitter shares were up less than 1%.

Musk has no “current plans or intentions” to acquire additional shares, according to a filing with the Securities and Alternate Fee, but “reserves the right to change his plans at any time” after weighing various factors such as the stock price and the “relative attractiveness of alternative business and investment opportunities.”

Any significant changes in Musk’s investment – of more than 1% — must be reported to regulators. Musk may make a hostile bid for the company and take his offer to shareholders if he needs to make a full takeover offer. Since Musk originally declared his position in early April, the value of Twitter’s stock has risen, making any additional stake-building very expensive.

Musk, on the other hand, can afford it. According to the Bloomberg Billionaire’s Index, he is currently worth almost $260 billion, compared to Twitter’s market value of around $37 billion.

Musk may also engage in discussions with the board regarding potential business mergers and strategic choices, according to the SEC filing. And, in a twist that may be relevant to one of Twitter’s most active users, Musk can express his thoughts to the board “or the public through social media or other channels,” according to the submission.

Buyers reacted positively to news that Musk could join the board of directors, sending the stock up nearly 30% in two days last week. According to the Washington Post, some employees were concerned about the potential harm Musk could cause to the company’s tradition. Musk was also widely expected to campaign for the reinstatement of former President Donald Trump on the platform.

Musk avoids the possible war of curiosity that can arise when a board member has a lot of financial interests that influence how they vote by staying off the board.

Tags: Elon MuskSharestweettwittertwitter board
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