Elon Musk Lays Out New Plans to Acquire Twitter, Canvasses for Funds
- Elon Musk has restated his plans to acquire the social media platform, Twitter after his initial offer was rebuffed by the board
- In his latest move, the Tesla CEO told the United States Securities and Exchange Commission that he would finance his offer through a combination of Morgan Stanley debt
- The billionaire has remained resolute to take over the company since he bought a 9.2 per cent share in the firm
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The world’s richest man, Elon Musk is resolute in his plans to acquire the social media network, Twitter despite resistance from shareholders penultimate week.
The billionaire businessman has presented his plans to finance his bid to the US Security and Exchange Commission (SEC).
Source: Getty Images
Musk’s plans unveiled
In his latest filing on Thursday, April 2021, Musk said he would fund the $43 billion bid for the microblogging site through a mixture of Morgan Stanley debt and equity financing which he would contribute himself.
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The Tesla CEO was stopped by the Twitter board recently when they adopted the poison pill as a defence mechanism seen by many as a desperate move to stop a hostile takeover by Musk.
The move was thwarted when the Vanguard Group acquired a 10.1 per cent stake in Twitter to stall Musk from taking over the company.
Former Facebook public policy director, now CEO of consultancy firm, Anchor Change, said that Musk does not know that in order to have free speech, there is a need for moderation.
She said that content reformation and responsible platform redesign, when done right, can truly allow for more free speech.
Jack takes a subtle swipe at Musk
Former Twitter CEO and co-founder of Twitter, Jack Dorsey said in a recent tweet that an individual will not be able to take over the company he co-founded 16 years ago.
Musk said that the driving force behind his unrelenting bid to acquire Twitter is to turn it into a town square with few restrictions on what users can or cannot say on the Internet.
At the news of Musk acquiring about 9.2 per cent of Twitter, the share price of the social media giant jumped by 0.4 per cent, according to a Forbes report.
I have enough funds to buy Twitter, Elon Musk, says there is a Plan B if offer is rejected
Meanwhile, Legit.ng reported that after he was out bided by Vanguard Investment group in his move to buy Twitter, the world’s richest man, Elon Musk has somewhat activated his much-touted Plan B.
Musk had submitted a $43bn bid to buy over the social media giant, Twitter on Thursday, April 14, 2022, but later in the day at the TED conference recently said that he has enough funds to acquire the microblogging site and already has a Plan B handy if the board decides not to give in to his offer, Forbes report said.
The Tesla CEO said he can buy the company, stating that he has enough cash to make it happen, as doubts persist over his liquidity since it is believed that most of his money is tied up in Tesla and stocks.
Source: Legit.ng
