Elon Musk, My Latest Hero ...

[ABC-2]

Libertarian, South African-born American Business magnate ...

Now largest shareholder in Twitter.

Hopefully, if he could possibly be seeking  to eventually take it over, I would be most happy!

I don't mind in the least if he is richer than Croesus, I admire his ability to go for the gusto in things he wishes to accomplish ...

And usually does!

Go Elon!!!   

[ABC-2]

PS ...

And no, I do not belong to Twitter, only social media I inhabit is this one at CC!  (most happy & contented smile!)

~ ABC

[Drafe Hoblin]

I have the impression that one of his fave websites is The Babylon Bee, which was banned by Twitter.  A week later Musk buys majority-shares in Twitter.  Today he announced that he's getting rid of ads and premium memberships.  Everybody's account is standalone.

[Eupher]

Twatter's CEO announced yesterday that Musk will NOT be joining the board. No reason given, but apparently it was Musk's decision.

I couldn't care less whether he joins the board or not, but I thought this might be of interest to a few CCers.

[ABC-2]

I took it to mean if he doesn't join the board ...

He can then purchase more shares, or something like that..

[Eupher]

Apparently, Musk's decision to join the board was contingent on his not purchasing more than 15% of Twitter shares.

Now that he's not joining the board, he can pursue a hostile takeover if he so chooses.

Now THAT would be interesting.

https://pjmedia.com/news-and-politics/robert-spencer/2022/04/11/elon-musk-is-not-joining-the-twitter-board-after-all-and-thats-good-news-n1588698

[ABC-2]

Apparently, Musk's decision to join the board was contingent on his not purchasing more than 15% of Twitter shares.

Now that he's not joining the board, he can pursue a hostile takeover if he so chooses.

Now THAT would be interesting.

https://pjmedia.com/news-and-politics/robert-spencer/2022/04/11/elon-musk-is-not-joining-the-twitter-board-after-all-and-thats-good-news-n1588698

Yes, yes, & more yes ...

And let's hope he does!

[Eupher]

I have to admit that Musk's offer to buy Twitter outright (I think that's called a "hostile takeover" since he intends to revert Twatter to a PRIVATE company versus a publicly traded one) is intriguing, despite my not having any skin in the game.

The writer of the piece describes how glorious it is to realize that the leftist Twatter employee shitheads are rending their garments at Musk's offer.

The shareholders are ecstatic and are driving the price up per share, as Twatter management realizes that share price will tank if Musk's offer isn't accepted.

If you're into Twatter and Musk, you gotta read this.

RedState

[Texacon]

This whole thing has been really fun to watch.  Elon is really getting under their skin.  Lot's of liberals threatening to leave if Elon buys it.  LOL

Most of them claim he would allow Trump back on (and I'm sure he would, he is a huge free speech advocate and understands what it truly means), and it kills them to think Trump would be back on the platform.  I really don't understand that.  One person in a huge playground and a lot of folks refuse to stay on the playground if that one person is allowed back.  What a bunch of snowflakes.

KC

[Eupher]

This whole thing has been really fun to watch.  Elon is really getting under their skin.  Lot's of liberals threatening to leave if Elon buys it.  LOL

Most of them claim he would allow Trump back on (and I'm sure he would, he is a huge free speech advocate and understands what it truly means), and it kills them to think Trump would be back on the platform.  I really don't understand that.  One person in a huge playground and a lot of folks refuse to stay on the playground if that one person is allowed back.  What a bunch of snowflakes.

KC

Well, KC, you know how mean those DJT tweets are. They're so mean the leftists have to take refuge in their safe space. 

At the same time it's staggering how much Twatter is worth. $43 BILLION? I wouldn't piss on Twatter if it were on fire, but clearly I'm in the minority. 

[Texacon]

Well, KC, you know how mean those DJT tweets are. They're so mean the leftists have to take refuge in their safe space. 

At the same time it's staggering how much Twatter is worth. $35 BILLION? I wouldn't piss on Twatter if it were on fire, but clearly I'm in the minority. 

DU dreams of Twitter being nothing but liberals.  They are the biggest opponents of free speech I've ever seen.

I think Elon is offering $43B.  They should take it or he'll crash their stocks.  LOL

KC

[Eupher]

DU dreams of Twitter being nothing but liberals.  They are the biggest opponents of free speech I've ever seen.

I think Elon is offering $43B.  They should take it or he'll crash their stocks.  LOL

KC

Thanks for the correction. I just read the damn figure, but forgot it immediately. That's how much I give a shit, except for the overarching point -- when the leftists **** with capitalists, this is what can happen. 

[enslaved1]

The moonbats on Twitter are soiling their shorts at the possibility of Musk running the site, which I don't really think is how any of this will turn out.  Threats of leaving the site (oh noes, how horrible /s), accusations of fascism (default reaction).  Pretty entertaining.   

[Texacon]

Thanks for the correction. I just read the damn figure, but forgot it immediately. That's how much I give a shit, except for the overarching point -- when the leftists **** with capitalists, this is what can happen. 

Hey, what's $8B amongst friends.  I probably have that lying around the house somewhere.   

KC

[Ralph Wiggum]

The moonbats on Twitter are soiling their shorts at the possibility of Musk running the site, which I don't really think is how any of this will turn out.  Threats of leaving the site (oh noes, how horrible /s), accusations of fascism (default reaction).  Pretty entertaining.

Which is different from any other day from moon bats or woke-tards?

[Eupher]

The thot plickens....

Twitter Shares Slide After Saudi Investor Rejects Musk’s Bid for Twitter

Elon Musk’s ambitious bid to take Twitter private under his ownership has hit a roadblock as Saudi investors are rejecting the Tesla CEO’s offer, causing Twitter shares to drop and setting the stage for a bitter struggle for control of the social media giant.

On Thursday, several hours after Musk announced his “final offer” to buy Twitter outright, the Saudi Arabian Prince Al Waleed bin Talal Al Saud responded that the offer was not acceptable to him. Al Waleed purchased a 5.2 percent stake in the company in 2015, and if it is assumed that he has retained these shares, he would count among Twitter’s largest shareholders (it has been reported that Al Waleed sold many of his shares in the subsequent years).

“I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects,” said Al Waleed in a tweet. “Being one of the largest & long-term shareholders of Twitter @Kingdom_KHC & I reject this offer.”

Musk retorted on Twitter, implicitly criticizing the Saudi Arabian government and alleging that Waleed’s rejection was political in nature.

“Interesting. Just two questions, if I may,” said Musk in response. “How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?”

Following this exchange, Twitter’s stock price has erased the gains made in the morning when Musk first announced his offer, falling from $47.19 per share at the time of Waleed’s tweet to $45.08 as of writing. Twitter’s stock is still significantly higher than prior to Musk’s announcement of his initial investment in the company, before which shares were valued at $39.31 each.

While Waleed does not have the power to unilaterally reject Musk’s offer, as one of Twitter’s largest shareholders, his significant share will be a key determining factor in the likelihood of the acquisition and the level of conflict necessary for Musk to pull through.

Waleed’s rejection is the latest development of the saga which began when Musk announced having acquired a 9.2 percent stake in Twitter, giving him significant leverage to influence policy in the company. From the beginning, Musk has framed his purchases of Twitter stock as a means of curtailing the censorship practices of the company, which he has asserted restrict free speech.

While Musk was initially offered a position on Twitter’s Board of Directors after revealing his stake, the electric car and satellite tycoon ultimately rejected that offer, likely because it would limit him to acquiring no more than 14.9 percent of Twitter’s stock.

Musk proceeded to announce on Thursday morning his offer to take the company private under his ownership, with a price tag of around $43 billion to buy out existing investors in the platform.

Since Musk’s “final offer” to buy the company, backed by the implicit ultimatum to sell his stake in the company and thusly diminish the value of the company’s stock, a great deal of analysis has attempted to assess the eccentric billionaire’s likelihood of success.

In a note to investors on Thursday, Wedbush analyst Daniel Ives was bullish on Musk’s chance of success, though he noted that such a triumph for the South African billionaire would only come after a great deal of struggle.

“Ultimately we believe this soap opera will end with Musk owning Twitter after this aggressive hostile takeover of the company,” said Ives, noting that “the Twitter board will be forced likely to accept this bid and/or run an active process to sell Twitter.”

However, Ives’ assessment is not universal among market analysts. Former hedge fund manager Jim Cramer has stated that Musk’s offer could be unacceptably low for Twitter’s directors, possibly exposing the company’s incumbent executives to personal liability.

“They have no choice but to reject it,” Cramer said on Thursday. “If they say, ‘we accept,’ they’re phony. And they’re not phonies.”

With the single largest share of the company and the prospect of acquiring more, Musk still holds a great deal of leverage going forward, even as he engages with a coalition of Twitter shareholders bitterly opposed to his acquisition of the company.

However, in Musk’s own account of the situation, he has more tricks up his sleeve if his offer is rejected. When asked whether there was a “Plan B” in the event that his buyout of the company should fail, Musk cryptically responded “There is,” without elaborating further.

The Epoch Times reached out to Twitter for comment on Musk’s bid to acquire the company. Twitter responded with a statement saying that it had received Musk’s “unsolicited, non-binding” proposal, adding that it would “carefully review” it and make decisions that it believes are in the best interest of the company and stockholders.

Epoch Times

[ABC-2]

The thot plickens....

Epoch Times

However, in Musk’s own account of the situation, he has more tricks up his sleeve if his offer is rejected. When asked whether there was a “Plan B” in the event that his buyout of the company should fail, Musk cryptically responded “There is,” without elaborating further.

No matter how this turns out ...

It is getting more interesting by the day, if not even by the hour!   

 

[Eupher]

No matter how this turns out ...

It is getting more interesting by the day, if not even by the hour!   

 

True dat. That's the only reason my curiosity is piqued. I wouldn't give a rip otherwise.

[Eupher]

Besides the "poison pill" crap that the Twatter Board is cooking up, there's a new buyer in town. This just keeps getting mo betta by the minute! 

A New Player Enters the Arena in the Fight to Keep Elon Musk From Buying Twitter

A lot of scrambling seemed to occur the moment Tesla CEO Elon Musk made the offer to buy up Twitter, and it’s very odd, to say the least. Outside of the leftists who began to lose their ever-loving minds over the prospect of Musk opening the door for a free exchange of ideas and open debate, big money dealers began wading into the fight to throw up roadblocks.

As RedState previously reported, Saudi Prince Alwaleed bin Talal suddenly popped up and declared that he, a shareholder with a 5.2 percent stake in the company, would vote against Musk’s offer, prompting Musk to ask very publicly how much the Kingdom owns of Twitter both directly and indirectly, and what the Kingdom’s views on journalistic freedom and free speech are.

Unsurprisingly, he didn’t get a response.

Then, out of the blue, a company stepped in and bought up enough shares to unseat Musk as the top shareholder. According to the New York Post, a private equity giant called Thoma Bravo is working on its own offer for Twitter:

It’s not clear how much Thoma Bravo might bid or when it might make an offer. The firm has an internal team working on the potential transaction, the source familiar with the matter told The Post.

“You are not far off,” a second source close to the situation said when asked by The Post if Thoma Bravo was working on a possible bid for Twitter.

Thoma Bravo could be a white knight for the company and CEO Parag Argawal, one of the sources said.

The sudden appearance of Thoma Bravo is strange but probably not surprising.

What makes it strange is that Twitter isn’t typically something the equity firm, based in San Francisco and Chicago, engages in. Thoma Bravo is an investor in business-to-business companies, not consumer-facing companies. However, Twitter’s board might be desperate to rescue Twitter from Musk’s grasp and Thoma Bravo might be the aforementioned white knight.

“Our private equity investment vehicles employ the same investment philosophy — to partner with and support existing management teams to help deliver solid operating results and drive innovation,” the company’s website reads.

As the New York Post reported, if Musk’s offer is rejected, the stock could take a dive in no small part because Musk sold his enormous shares, but Thoma Bravo could save it:

Twitter, if it rejects Musk’s offer, could see its share price collapse unless it had another option to reveal at the time of a possible rejection. That’s where a so-called white knight would come in.

Because of that, Thoma Bravo needs to move quickly — if it elects to move forward — to show the Twitter board it has a potentially friendlier alternative, sources told The Post.

If the mission statement from Thoma Bravo is true, Twitter’s management wouldn’t have to worry about being kicked to the curb and they can continue doing what they do best, restricting conversation and censoring whatever they don’t like.

Musk, upon obtaining Twitter, would likely clean house and make sure that the company practices free speech, free expression, and the free exchange of ideas. This would likely require replacing people from top to bottom, something those in charge at Twitter would very much like to avoid.

This fight for Twitter is more of a fight for the freedom to express oneself in the de facto town square with Musk attempting to drive out the social dictators who have kept everyone else suppressed. It will be interesting to see how Musk responds in the coming days, and more interestingly, who will win this fight.

Regardless of the outcome, we will know the people who resisted Musk’s attempts to free the public better, and where their hearts really are.

RedState

[Eupher]

Looks like Musk's Plan B is a tender offer, and he's raised sufficient cash for that offer to go directly to the shareholders, bypassing the Twatter Board of Cretins.

Billionaire Tesla CEO Elon Musk has secured the funding required financing to make a tender offer to buy Twitter and take the company private, according to a new regulatory filing.

The document shows that Musk has received $46.5 billion in commitment to help finance the proposed deal. Through a tender offer, Musk plans to approach Twitter shareholders directly and offer to buy their shares within a specific time frame. He is, however, still considering whether to launch a tender offer for Twitter.

Musk, the richest man in the world, has secured $25.5 billion in debt financing from Morgan Stanley Senior Funding and other financial institutions, including Bank of America, Barclays, and Mizuho. He has also committed to provide $21 billion in equity financing, according to the document.

Musk is seeking to negotiate a “definitive agreement” with the board for the acquisition of Twitter.

“Twitter has not responded to the proposal,” Musk says according to the filing. “Given the lack of response by Twitter,” he is “exploring whether to commence a tender offer to acquire all of the outstanding shares” at a price of $54.20 per share.

The purchase will include the rights associated with the Rights Agreement (the poison pill), the filing stated.

The billionaire, however, “has not determined whether to do so at this time.”

Musk made a bid on April 14 to take the social media company private for $54.20 per share, or around $43 billion in cash. The firm’s board of directors the next day unanimously adopted a “poison pill” defense to prevent a hostile takeover.

The poison pill, also known as a shareholder rights plan, is used as a defense strategy to make Musk’s takeover more expensive and difficult.

If Musk reaches 15 percent ownership, the poison pill will be triggered. This will allow other stockholders to purchase additional shares at a discounted price, thus diluting Musk’s ownership stake.

On April 4, Musk announced that he had purchased 73.5 million Twitter shares, or 9.2 percent of the firm. Musk later reduced his holdings to 73.1 million shares, or 9.1 percent of the company, according to an SEC filing. Twitter’s other large shareholders include The Vanguard Group (10.3 percent), Morgan Stanley (8.4 percent), and BlackRock (6.5 percent).

‘Chess Game’
Ownership contest for Twitter has devolved into a chess game after the company’s board last week adopted a poison pill to thwart Musk’s unwelcome takeover attempt.

Many people around the world, including the company’s stockholders, have been eagerly watching to see what the billionaire and the board of directors will do next.

Musk initially hinted at a tender offer on Saturday with a cryptic tweet that said “Love Me Tender.” He later posted a tweet that had a blank space for a word followed by the phrase “is the Night.” The message was thought to be a veiled reference to F. Scott Fitzgerald’s novel “Tender Is the Night.”

More at the link.

Epoch Times

[DefiantSix]

Looks like Musk's Plan B is a tender offer, and he's raised sufficient cash for that offer to go directly to the shareholders, bypassing the Twatter Board of Cretins.

...On April 4, Musk announced that he had purchased 73.5 million Twitter shares, or 9.2 percent of the firm. Musk later reduced his holdings to 73.1 million shares, or 9.1 percent of the company, according to an SEC filing. Twitter’s other large shareholders include The Vanguard Group (10.3 percent), Morgan Stanley (8.4 percent), and BlackRock (6.5 percent).

Looks like, if his financing is thru Morgan Stanley - as reported earlier in the article - then Musk's probably got Morgan Stanley's 8.4% share of TWIT-ter sitting quietly in his pocket already, putting him well over 15%.

Suck it, leftist scum everywhere... 

[ABC-2]

Looks like, if his financing is thru Morgan Stanley - as reported earlier in the article - then Musk's probably got Morgan Stanley's 8.4% share of TWIT-ter sitting quietly in his pocket already, putting him well over 15%.

Suck it, leftist scum everywhere... 

https://www.youtube.com/watch?v=krD4hdGvGHM

Couldn't have said it better!   

[Eupher]

I think most of us have been watching this drama unfold and while I have no skin in the game, I think it's been fun to see how Musk trolls and infuriates the left. Priceless stuff.

But apparently, they're reportedly very close to a "deal." This is a significant turnaround from just a few days ago. As blogged by Bonchie:

Political Armageddon Approaches as Twitter Deal With Elon Musk Reported to be Imminent

I guess the lesson here is to never doubt a multi-billionaire who invented the ability for rockets to land themselves and be reused.

In a stunning move that has now been confirmed by multiple sources, Elon Musk is apparently closing in on a deal to buy Twitter. On Sunday evening, RedState reported that his offer was being reconsidered. Now, per The New York Times, things have progressed to the point where they are “nearing” a deal. [$54.20 per share.]

Just a few hours after the Times, Bloomberg and Reuters began reporting that a deal is imminent.

https://twitter.com/disclosetv/status/1518550717228793856?s=20&t=9Pl0D34X1ZM29hfHiMGeww

This is certainly a reversal from where most thought things stood just a few days ago. It was assumed that the board, which has publicly shown itself to be anti-Musk, had successfully fended him off by executing a poison pill strategy regarding shares.

So what changed? My speculation is that Twitter realized they were opening themselves up to massive legal liability by outright refusing Musk’s extremely generous offer. Shareholders would have likely had the right to sue for breach of fiduciary duty. Musk himself may have had cause as well, given he was the company’s largest shareholder until the board began its machinations. Further, the board was putting itself in danger of a shareholder revolt given its clearly political maneuvering. Those jobs are lucrative, and it’d be better for the board members to cash out now than to be booted internally.

To be put a slight damper on things, though, just because they are nearing a deal doesn’t mean it’s for certain. I do think Musk has shown himself to be determined enough that it will eventually happen, a shift from what I originally thought when he first made his offer, but I want to see the ink dry before I start having too much fun with this.

Still, it’s hilarious to see the reactions coming to Musk’s possible acquisition of the social media giant. Leftwing accounts big and small are pledging to leave the platform because of the grave threat of there possibly being less censorship of mainstream political opinions. I add that qualifier because contrary to the hysterical proclamations, I do think Musk will keep a base-level TOS in place regarding speech on the platform. The difference will be that it will be applied equally.

As it stands, leftwing accounts can spread disinformation, harass people, and dox people without any repercussions while saying a man can’t be a woman gets you banned. That’s going to change if Musk takes over. Regardless, all these leftwing accounts virtue signaling about how they will leave are full of it. They are not going to walk away from the only real influence they have. It’s as empty of a threat as the right-wing accounts that threatened to do so after the Hunter Biden censorship. There is nothing to be gained by voluntarily giving up ground that is valuable to fight on.

Regardless, you can expect the takes to be hot and hilarious going forward. Political armageddon approaches. Grab your popcorn.

RedState

[SVPete]

The hissing yowling devil-kittens continually birthed by Progs at the prospect of Musk purchasing or having influence on Twitter pretty much demonstrates what a partisan sewer Prog ImModerators had made it.

[Texacon]

This could actually entice me to set up a Twitter account.  It would be nice to have someplace on the internet where you can actually have a conservative opinion or post stuff about Hunter's laptop.  You know, the stuff the liberals like to call a conspiracy theory for 6 months until they can no longer ignore it, as the MSM has to start actually reporting it.

KC