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Twitter Closes Down on Session as Musk Calls for Shareholder Vote
Here’s what happened today in regards to Elon Musk’s effort at a hostile takeover of Twitter.
By Cam Thompson
Updated May 11, 2023, 4:05 p.m. Published Apr 14, 2022, 10:28 p.m.
Twitter (TWTR) lost ground today, closing at $45.08 versus Elon Musk's cash offer of $54.20, as speculation grew about whether the board would approve of a sale to the Tesla (TSLA) CEO.
- Saudi Arabian Prince and major Twitter shareholder Alwaheed bin Talad voiced his opposition to Musk’s offer in a tweet, to which Musk responded in kind by asking exactly how much Twitter the Saudis own and questioning the Kingdom's views on freedom of speech.
- The Tesla chief also tweeted about the importance of allowing a vote on his bid, reminding "[the shareholders] own the company, not the board of directors."
- Strike CEO Jack Mallers told CNBC that he supports Musk’s purchase of the company, particularly if it means implementing cryptocurrency into the app. “With the right leadership, Twitter could become a payments business,” said Mallers.
- Musk also happened to be speaking today at the TED2022 in Vancouver, where he expressed his desire for less regulation and more protections for freedom of speech.
- Looking at development's from Twitter's side, the board met at 10 a.m. ET, but other than some loose chatter regarding discussions of adopting a poison pill defense, nothing tangible has yet leaked. Twitter also scheduled a company town hall for 5 p.m. ET.
- Meanwhile, the New York Post reports private equity firm Thoma Bravo is looking into putting in its own bid for the company.
- The share action suggests the market is skeptical about Musk winning the company, with the stock price actually falling during the regular session to close down 1.7% at $45.08 versus Musk's offer of $54.20. Shares are up 3.5% in after hours trade to $46.67.
Read also: Elon Musk Offers to Buy Twitter to Take Company Private
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