In a series of events that took place in the tussle between the social media giant and Tesla boss, Elon Musk, the 2017 tweet by him came in front when he first thought of ‘buying Twitter.’
The billionaire tech entrepreneur aims at running Twitter according to his perspective, which especially hints at transforming the platform into a ‘free speech’ sphere. Musk wants to bring significant changes to the microblogging site. And for this, he acquired a substantial percentage of stakes in the company.
After declining the seat on the Twitter board, Musk wrote a letter to the Chairman of the company, Bret Taylor. In the letter, he proposed a $43-billion all-cash offer. This news led to a social media stir as Musk stated that if the offer is not accepted, he would reconsider his position as a shareholder. The latest development in this bidding war is the use of the “poison pill” strategy by the company to deal with Musk’s intent. This approach provides the company some time to analyze the offer and defend the board’s interest.
Elon Musk Gets A Dash From Twitter After $43 Billion Offer
The world’s richest man, Elon Musk is getting hurdles in the bidding war against Twitter. After the all-cash offer, the company decided to take on the ‘poison pill’ strategy to face the Musk’s power.
The Tesla owner, himself is suspicious of the bid’s success. The poison pill strategy is adopted to discourage any outsider investor to take over the company. This is done by composing a less attractive deal and is excessively exorbitant to them. Because of this strategy, shareholders can buy more shares but at a discounted rate.
After Musk’s proposal, the Twitter board decided to review his offer in a meeting so that, they can evaluate it and if it stands in the best interest of the shareholders. The board concluded by adopting the poison pill strategy to defend its interests. This approach makes the buyout overpriced.
Musk Rethinks His 2017 Tweet
Amongst all the Twitter drama, the passionate user of Twitter, Elon Musk re-explored his 2017 tweet. In the tweet, he asked about the price of the social media giant. In the old dated tweet, Musk wrote, “I love Twitter.”
Dave Smith, Editor at the Business Insider replied, “You should buy it then.”
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— Elon Musk (@elonmusk) April 16, 2022
This reply led to the development of Musk’s interest in the idea and motivated him to ask, “How much is it?” After almost four years, Musk revisited the tweet and replied to it in a cryptic emoji of an upside-down smiley. This emoji indicates multiple expressions such as sarcasm, irony, frustration, resignation, and docile anger.
It is a scenario of irony as Musk has proposed to purchase Twitter at $54.29 per piece on an all-cash offer which makes a total sum of $43 billion. According to Musk, the company has “extraordinary potential” and needs him to “unlock it.” Mr. Musk has more than 82.1 million followers on his official handle on Twitter. As per the 13D filing, Musk acquired over 9% stakes in Twitter.
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