OPINION: Is Elon Musk’s $44 billion bid for Twitter actually a $1 billion joke by the world’s richest man? Columnist tpoletti looks into Musk’s pause in his deal to buy $TWTR over fake accounts.
That’s a possibility that cannot be ignored, as investors scramble to make sense of Musk’s latest shenanigans early Friday morning. He said, on Twitter, instead of in a U.S. regulatory filing, that his $54.20 per share offer for the company is “on hold,” pending details that support a calculation that fake accounts represent less than 5% of all Twitter users.
A couple of hours later, Musk tweeted that he was “still committed to [the] acquisition,” but the saga now has to be reminding investors of his infamous “funding secured” tweet in 2018, when he was in talks to take Tesla Inc. TSLA, -6.42% private. That tweet led to an inquiry by the Securities and Exchange Commission and to his own personal battle with regulators over what he can say on Twitter as the chief executive of a publicly traded company.
Musk clearly is trying to get the price of the deal down, since Tesla’s stock price has plunged in the overall market downdraft of the past few weeks. “It’s a different market than it was 30 days ago,” Ives said in a phone interview. “When Tesla loses $300 billion in market cap, the story changes.” Musk is using some of his Tesla stock to come up with some of the cash and using shares as collateral for the loans to finance the deal.
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