Elon Musk, the billionaire entrepreneur who bid to acquire Twitter Inc for $43 billion, tweeted a series of dashes for a missing word followed by “is the Night” (roughly Rs. 3,28,534 crore).
The offer from Musk, who has hinted at a hostile takeover, has spurred the social media business to implement a “poison pill” strategy to safeguard itself.
Musk, who is also the CEO of Tesla, tweeted “Love Me Tender,” an Elvis Presley song, on Monday after Twitter decided to sell shares at a discount to prevent shareholders from accumulating a 15% holding. Musk owns 9.1% of the company at the moment.
According to two sources familiar with the subject, Musk is willing to pay between $10 billion (approximately Rs. 76,435 crore) and $15 billion (about Rs. 1,14,664 crore) of his own money to take Twitter private.
The billionaire, who is Twitter’s second-largest shareholder, plans to launch a tender offer in approximately 10 days and has enlisted Morgan Stanley to help him fund another $10 billion (about Rs. 76,435 crore) in debt.
As per the New York Post, Musk may be willing to borrow against his present ownership if necessary, perhaps raising several billion dollars.
Twitter has remained silent on the situation. Musk did not respond to a request for comment from Reuters immediately.
People familiar with the subject told Reuters on Monday that more private-equity firms have indicated interest in engaging in an offer for Twitter, without naming the business.
Last week, a technology-focused private equity group, Thoma Bravo, contacted the social networking site to discuss an acquisition that would compete with Musk’s offer.
Apollo Global Management Inc is looking at methods to fund any acquisition and is willing to work with Musk or any other bidder, as per the Reuters.
Many investors, analysts, and investment bankers believe that Twitter’s board of directors will reject Musk’s offer in the coming days, claiming that it is insufficient.