After a weekend of intense negotiations, Elon Musk would have managed to obtain the approval of the Twitter board of directors, which would have accepted the proposed purchase of the well-known billionaire, for a figure of approximately 44 billion dollars.
In recent weeks, the billionaire Elon Musk of Tesla Motors has announced the intention to buy the social network Twitter, first by taking over a substantial stake, and then by aiming for 100% of the shareholding, putting on the plate 43 billion dollars. After the initial strong resistance, in the past few hours it would have been close to the (practically certain) happy ending.
The first proposal made by Elon Musk to control Twitter amounted, as mentioned, to 43 billion dollars, against a valuation, premium included, of 54.20 dollars per share. Initially, however, Musk’s interest was rejected, both by CEO Parag Agrawall, who had promised employees how the social network would not be held hostage by Musk, and by the Board, which had activated an anti-takeover measure.
Later, the CEO of Tesla and Space X had filed a file with the SEC regulating body, in which he documented that he had financed his purchase proposal thanks to 21 billion dollars of personal assets and 25.6 billion dollars raised through Morgan Stanley (partly as a loan by giving its shares in Tesla as collateral): the offer was in short covered for 46.5 billion dollars, with a significant increase compared to the initial offer.
According to the Wall Street Journal, in addition to the new offer, which had already prompted the board to carefully reassess Musk’s interest, Musk conducted a series of video calls with shareholders on Friday, selected based on actively managed funds. in the course of which he promised that, regardless of whether his proposal was successful or not, he would be committed to defeating, in a broader way, the problem of free speech in the country and on the platform.
On Sunday morning, then, the Board of Directors would meet again and the prevailing orientation among the 11 board members would be veered in favor of the aspiring buyer, as some sources close to Twitter claim: even, it would be the final details, discussing any possible penalties to be paid in the event that everything is lost after signing and scheduling the timing according to which to conclude the agreement.
Waiting for an official statement on the matter, with attached figures of the agreement (we are talking about about 44 billion dollars), Musk has once again forged ahead, hoping that (after the passage of control) even his most ferocious critics will remain on Twitter and, shortly after, celebrating it all with an eloquent “Yesss!”, revealing that among the first things it intends to do is increase trust in the platform, making its algorithms open source, authenticating all people, defeating the bots of spam, and unlocking – with the help of the community and the company – the great potential of Twitter, understood as that digital agora where crucial issues for humanity are discussed.