Elon Musk apparently isn’t giving up on his Twitter quest.
The world’s richest man late Tuesday took to the platform he’s trying to buy in a hostile takeover to tweet “___ is the Night.”
_______ is the Night
— Elon Musk (@elonmusk) April 20, 2022
Musk on Monday tweeted “Love Me Tender,” the title of an Elvis Presley song, but also a reference to making a tender — or cash — offer for Twitter.
The Tesla CEO — worth $273 billion — is reportedly willing to sink as much as $15 billion of his own money to take Twitter private, and might move in as little as 10 days.
Musk quietly bought up with a 9.1% stake in the social media company, and after refusing to join its board, made an offer of $43 billion to buy it.
The SpaceX founder is looking to finance his bid to acquire Twitter “in a complex deal that raises debt against both the company and possibly his own stock, as well as a giant cash equity infusion from co-investors,” the New York Post reported.
“Musk himself is willing to invest between $10 billion and $15 billion of his own cash to take Twitter private, two sources close to the situation said. That’s up from the current 9.1% stake in the company he revealed on April 4, which is worth about $3.4 billion,” the Post reported. “Musk may also be willing to borrow against his current stake if necessary, a move that could possibly raise several billion additional dollars, sources said.”
“The co-investors will combined have more equity than Musk but he will be the biggest single holder,” one of the sources said.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted.
Musk also launched a poll on Thursday asking his 83 million followers if “taking Twitter private at $54.20 should be up to shareholders, not the board.” A large majority answered “Yes.”
In response, Twitter board members adopted a “poison pill” to deter Musk with a unanimous vote.
“Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount. The plan is set to expire on April 14, 2023,” CNBC reported.
“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” the company said.