Elon Musk becomes owner of Twitter (update)

There is a agreement on the table between Elon Musk and Twitter. Musk wants to buy the company for $ 46.5 billion and take it off the stock exchange. The 11-member board of directors continued negotiations on Monday. Twitter’s chairman of the board now says Musk’s proposal has gone through a careful process, with a focus on values, security and financing.

Twitter is nearing a deal to sell itself to Elon Musk, the . quoted as saying New York Times two initiates earlier today.

Twitter’s board negotiated into the early hours on Sunday.

Musk wants to put $46.5 billion on the table. The multi-billionaire invests his own money, supplemented with money from third parties. Investment bank Morgan Stanley and a group of other lenders have reportedly offered $13 billion in debt financing, plus an additional $12.5 billion in loans against stock in Tesla, which Musk owns and CEO.

Getting funding commitments was a turning point for the board, which was initially unenthusiastic about the hostile bid and deployed a poison pill to prevent Musk from expanding his stake in Twitter.

The takeover is extremely controversial. Musk himself makes extensive use of Twitter, which has gotten him into trouble several times because he shared price-sensitive information about Tesla.

The US stock watchdog SEC wanted to know in February whether Tesla is complying with the terms of the settlement it previously reached with the regulator. It states that Musk must have all tweets that could influence the Tesla stock price checked in advance by lawyers.

It is also questionable whether Musk will want to limit the current censorship. For example, Donald Trump is still not allowed to use the microblog.

Musk tweeted: “I hope even my worst critics stay on Twitter, because that’s what free speech means.”

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Source: Nieuws – Emerce by www.emerce.nl.

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