The board of directors of the social network had, at first, tried to block the takeover offer from the boss of Tesla and SpaceX, before finally engaging in discussions.
Elon Musk got his hands on Twitter. After hours of discussion, the social network announced on Monday April 25 that it had accepted the billionaire’s offer. The latter had made a takeover proposal on April 14 , saying he was ready to pay 54.20 dollars (49.70 euros) per Twitter share. This represented a “premium” , that is to say a bonus, of 54% compared to the opening price of the title on January 28, the date on which Mr. Musk began to invest in Twitter. In total, Mr. Musk has put just over 43 billion euros on the table, and claims to have been able to build the corresponding financing plan.
The next day, Twitter announced that it was putting in place a clause , nicknamed “poison pill”, supposed to prevent Elon Musk from easily buying back his shares. Several shareholders, including the fund headed by Saudi Prince Al-Walid Bin Talal Al Saud, one of Twitter’s main shareholders, had deemed Mr. Musk’s offer too weak.
It’s official — Elon Musk buys Twitter for $44B 💰 pic.twitter.com/S24fuxOSIq
— Fandom (@getFANDOM) April 25, 2022
For several days, the possibility of a takeover had seemed to move away – Elon Musk, accustomed to sudden changes in strategy and provocations, had also given up , in mid-April, to sit on the board of directors of the company, of which he had become the main shareholder. At the same time, he had multiplied the criticisms against the company… on Twitter, where he is one of the most followed personalities, with more than 80 million subscribers.
But according to information from the New York Times , a long negotiating session on April 24, which ended late at night, finally made it possible to reach an agreement. The board of directors would have been convinced of the soundness of the financial package proposed by Mr. Musk. The takeover should not pose any particular problem for the American regulator, Elon Musk, boss of Tesla and SpaceX, who does not have any other social network.
Trump: “I will not return to Twitter”
However, the takeover raises many questions, both economic and political. Elon Musk has made no secret of his intentions: to take Twitter out of the stock market, to be able to make major changes to it that he considers essential to its survival. Starting with a relaxation of “censorship” – understanding “moderation rules” – of the social network.