There followed a year of drama as Musk fended off SEC litigation and fierce criticism for his cavalier attitude-starting with criticism of a deal price predicated on a 420 stoner joke. Recall that back in August 2018, Musk had tweeted that he had “funding secured” to take Tesla private, at $420 per share. Some wondered whether the technoking of Tesla was genuine in pursuing Twitter or whether his interest would lapse once he grappled with the challenges of reaching a deal. The shares never quite got as high as Musk’s $54.20 offer, as investors and market observers reacted with incredulity to his overall approach to the deal. Shares of Twitter were just shy of $40 heading into April, and reached around $53 per share as Musk accumulated his stake and played footsie with Twitter’s board. Musk commented that he “did not care” about the economics of the deal “at all,” and that he was pursuing Twitter because it was “extremely important to the future of civilization.” An Acquisition Offer or a Stoner Joke? Worries about the level of risk assumed in the deal were dismissed out of hand. The remainder comes from bank financing secured by Twitter’s own assets, a classic leveraged buyout arrangement. Musk’s portion includes a giant $12.5 billion margin loan secured by his equity stake in Tesla Inc. Musk assembled $46.5 billion to fund his Twitter takeover, with his own assets backing two-thirds of that amount.
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But what began as a series of quixotic tweets about free speech rapidly evolved into a serious leveraged buyout offer, backed by the biggest bundle of acquisition financing ever assembled by one person. On Uphold's Website Elon Musk’s Big Adventureįrom the outset, Musk’s offer for Twitter felt like a lark. What will the future hold for Twitter? That is anybody’s guess. Within a month, he was set to run the company. Within days, Musk disclosed a 9.2% passive stake in the social media powerhouse. It began on March 25, with Musk accusing the company of failing to “adhere to free speech principles” in a way that “fundamentally undermines democracy.” The deal ends a month of dramatic headlines and tweets. I hope that even my worst critics remain on Twitter, because that is what free speech means “I hope that even my worst critics remain on Twitter, because that is what free speech means,” tweeted Musk. Deeply proud of our teams and inspired by the work that has never been more important,” stated Twitter chief executive Parag Agrawal. “Twitter has a purpose and relevance that impacts the entire world. The $44 billion deal, announced on April 25, is expected to close later in 2022. The board of Twitter ( TWTR) has accepted Elon Musk’s $54.20 per share cash offer to acquire the company and take it private.
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