Thursday, December 8, 2022

Twitter Accepted Musk’s Takeover Offer, What It Means For Crypto?

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Twitter accepted Musk’s takeover offer worth $44 billion not long after it denied the buyout attempt a few weeks ago so let’s read more today in our latest cryptocurrency news today.

Tesla CEO is taking over Twitter in what was seen as a remarkable turnaround when the board accepted Elon Musk’s takeover bid to buy the social media company. Under the new agreement, Twitter stakeholders will get $54.20 per share and this is 38% higher than the closing price on April 1 which is the day before Musk announced it got a 9% stake in the company. The share prices stood at $50.65 at the start of Monday and were up by $52.01 in intraday trading.

Musk as the CEO of Tesla and SpaceX was set to join the Twitter board as the biggest shareholder but also backtracked later and revealed that he has aspirations to actually buy the company and make it private. In an April 13 filing with the US SEC, Musk announced he aims to make the company private and wants the code to become open source and placed on Github. He also said he invested in the company to explain free speech before saying that the company won’t thrive or serve the imperative in its current form.

Elon Musk Plans, crypto, spam, twitter,

Musk noted that he wants to introduce an “edit” button for tweets and to crack down on the crypto scams but also floated around the idea of accepting DOGE as a payment for the Twitter premium subscription services. However, the board didn’t accept the plan and invoked a “poison pill” to prevent him from purchasing 15% of the company and made a new filing with the SEC, later on, to buy stocks directly from the shareholders at $54.20 apiece. In the face of Musk’s determination, the board relented and one member Bret Taylor called it the best path ahead for Twitter’s stockholders. Musk added:

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it.”

As recently reported,  The Tesla CEO has 82 million followers on Twitter and pumped DOGE again and again and again before deciding that BTC has a strogn environmental impact with a bad look for Tesla. Even so, he partnered with Dorsey’s block to power a BTC mining facility in Texas. Now Musk offered to purcahse Twitter for $43 billion and hold the financial and tech cycles on his sleeve.

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