Elon Musk’s Plan to Take Over Twitter for R640 Billion Could Be Accepted Soon, Social Media Users React
- Billionaire Elon Musk is not backing down from his bid to acquire ownership of social media giant, Twitter
- Musk has been making moves to try and garner control over the company recently but Twitter is standing firm
- He met with several shareholders from the company and the company’s board of directors as well who negotiated the deal
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UNITED STATES - Social media giant Twitter could potentially have a new owner following talks that Elon Musk’s bid to buy the company for $43 billion (R673 billion) is in the works. The Tesla CEO has been making moves to try and garner control over the company recently but so far Twitter has not budged.
Shares in Twitter increased by 5% after reports emerged that the company has a new owner. The world’s richest person believes that Twitter has the potential to become a free speech platform.
Source: Getty Images
Musk met with several Twitter shareholders recently while the company’s board of directors met with him to negotiate the deal. The two parties discussed details such as the timeline for the deal and its price. Twitter initially seemed set to reject Musk’s unwelcomed offer but after discussing his plan to finance his bid, the offer gained more creditability. Musk said he would source bank loans and use his equity to secure the deal, according to IOL.
Sources familiar with the agreement said that the deal could possibly collapse during the last moments and that the social media company will be allowed to accept a deal from another individual by paying Musk a “break-up fee”, News24 reported.
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Social media users to react to Twitter takeover
@harry_hornet said:
“All the excuses I need to close my account.”
@slelladallas commented:
“I am so sick of these billionaires taking everything & turning whatever it is into their venture not giving one damn about anybody but their bottom line which is always about making more money. Stay tuned for more Despicable Dangerous Elon Musk Adventures.”
@letmedigmyhole posted:
“He’s done more for free speech in the last week than any politician over the last 20 years.”
@motivatehumble added:
“Wow, looks like it’s actually going to happen. Just in time for Trump’s next Presidential bid. This should be fun.”
Billionaire Elon Musk wants to buy Twitter for R600 billion, gains mixed reactions from social media users
Briefly News also reported eccentric billionaire Elon Musk hopes to unlock Twitter’s potential by purchasing the social media company for R600 billion.
His offer comes days after he rejected a seat on the company’s board. Musk has offered $54.20 (R795) per share in the social media company and believes that it should be transformed into a private company. He recently acquired 9% of the company’s shares.
In a letter to the Chairperson of Twitter Bret Taylor, Musk said since investing in the company, he realised that it will not thrive in its current form. He added that he has made his “best and final offer” and will reconsider his stake in the company should his offer not be accepted, according to News24.
Source: Briefly News
