Elon Musk is about to get away with it. The founder of Tesla finalizes an agreement to take over Twitter for 43,000 million dollars, an offer that the tycoon made public 11 days ago, after it was made public that he had bought 9.2% of his shares.
The negotiations to reach the pact have taken place over the weekend and have lasted beyond midnight on Sunday, according to US media reports, which predict an immediate agreement. The tycoon, who is the richest man in the world, had set the price at $54.20 per share.
The mere announcement that a deal between Musk and Twitter’s board is near has sent shares of the social network up as much as 5% before the markets open, in part because of the unexpectedness that Musk, 50, could get to twist the hand of Twitter, which had sent unequivocal signals that it would not accept the offer.
The ritual of courtship and rejection between the company and the billionaire, who cultivates his fame as an unpredictable and eccentric man, has been followed as a vibrant technological-stock soap opera.
There is still the possibility of a final plot twist in this story, because, despite the fact that sources close to the negotiation took it for granted, there is also the possibility that an agreement will not finally be reached.
It all started on April 14, when Musk, who is one of the most famous and also most active users of Twitter, where he has more than 83 million followers, announced that he wanted to buy the company to make it a place more in line with his concept of freedom of expression.
He then didn’t say how much he was willing to pay. The board of directors of the social network reacted with an announcement that it would launch a corporate maneuver to make it difficult for Musk, who is also the CEO of SpaceX aeronautics, to take control of the technological platform.
The strategy, known in the economic world as poison pill, would be in force until April 14 of 2023, so it allowed the current management of the company to gain time, which has experienced weeks of infarction since it was revealed that Musk had acquired 9.2% of the company in early April.
Things changed when the founder of Tesla revealed last week that he had 46.5 billion to make the purchase effective. There Twitter thought better of it and opened the door to negotiations. Musk met with some of the company’s largest shareholders on Friday to sell the benefits of his offer, which he defined as a “take it or leave it” decision that they needed to make quickly.
That speed has been greater than expected. According to The Wall Street Journal, which announced on Sunday that talks were progressing apace, the purchase was expected to go through this week. Later, several media confirmed that the announcement could arrive as soon as throughout this Monday.
Musk uses the social network in his own style, mixing important announcements, deep-seeming musings, platitudes and bitter public bickering. Like when he got into a fight last fall with 80-year-old Democratic Senator Bernie Sanders, a representative from the State of Vermont.
Sanders tweeted: “We must require the extremely wealthy to pay their fair share on spot”. And Musk, who took the hint, replied with this other: “It happens to me all the time that I forget that you are still alive.”
Also, on occasion, the richest man in the world uses his account to give clues about his volatile intentions. The last tweet of the tycoon that can be interpreted in that key was posted yesterday. He simply put “moving on”. We keep moving.
He knows in depth all the sides of the coin.
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