Elon Musk, the CEO of Tesla, is “on the warpath” after Twitter approved his offer to buy the firm. Musk is “expected to act as a temporary CEO of Twitter for a few months after completing his $44 billion takeover of the social media business,” according to CNBC’s David Fabor.
“The news comes as Musk has raised $7.1 billion in additional investment for the transaction from a consortium of over a dozen investors, including Oracle co-founder Larry Ellison, cryptocurrency exchange Binance, Fidelity, and Brookfield Asset Management.” Furthermore, Saudi Prince Alwaleed Bin Talal Bin Alsaud has decided to keep his 34,948,975 Twitter shares, valued at $1.9 billion, according to Fox Business.
“Musk’s margin loan financing for the acquisition has been lowered from $12.5 billion to $6.25 billion as a result of the additional pledges, while his equity financing has climbed from $21 billion to $27.25 billion.
Musk’s filing with the Securities and Exchange Commission emphasizes that he is in talks with existing Twitter common stock shareholders, including co-founder Jack Dorsey, about “the possibility of contributing such shares of Common stock, at or immediately prior to the closing of the Merger, in order to retain an equity investment in Twitter following the merger,” according to the report.
Tesla CEO Elon Musk is rumored to be planning to fire Twitter’s senior lawyer, Vijaya Gadde. Musk, who is notorious for his cryptic tweets, hinted in a post that he will be switching up additional Twitter executive teams. Musk made headlines earlier this week when he attended the Met Gala with his mother, Maye Musk.
Maye Musk jokingly stopped her kid during a red carpet interview with Entertainment Tonight, saying “he doesn’t listen.” “Sir,” the ET presenter started, “I’d say you’re the man who’s being much talked about around town, across the world, and maybe on Twitter, I don’t know, social media’s really going crazy over you right now.”
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Musk said, “I suppose that’s — sure, that’s probably accurate.” “Well, a lot of people — there are some critics out there who would say, why not?” said the presenter. “Critics? What?” Musk joked about it. “You?” the host inquired. “Zero, zero, zero.” Musk continued the joke, “Thank god, phew.” “For a little while, I was concerned.”
The ET presenter questioned Musk about those who criticized his decision to acquire Twitter rather than donate the money to charity. Musk responded, “Well, I do a lot of stuff philanthropically.” “In reality, my businesses are designed to benefit humanity’s future, with Tesla attempting to expedite the adoption of sustainable transportation and energy.” And SpaceX is bringing broadband to the world’s least connected individuals.”
Maye interjected, saying, “The finest space firm in the world!” “As well as what you’ve done for Ukraine,” the host said. Musk responded, “Yeah.” “Absolutely. As a result, we were able to assist Ukraine with the Starling terminals, providing connection in some of the hardest-hit areas.” “Aspirationally, I’m trying to do good for humanity and civilization’s future,” he said. The presenter turned to Maye and questioned, “Where did your son get this mentality?”
Maye smiled, “I told him not to take on the globe and the universe, and he didn’t listen.” The presenter joked, “Clearly, not listening to mum.” Maye concurred, “He doesn’t listen to his mother.” The presenter returned to Musk with one more question: why, with all of his other commitments in his enterprises and personal life, he felt it was vital to attend an event like the Met Gala? “I wanted him to come,” Maye said again, interrupting him. Musk laughed, “Yeah.” “I brought my mother since she wanted to come.” That is the case.”
This follows after Twitter accepted Musk’s bid to buy the social media platform. Musk’s agreement to buy Twitter, on the other hand, is still in the works. According to a filing with the Securities and Exchange Commission, Musk is liable for a $1 billion termination fee if the acquisition falls through. In one case, the SEC filing notes that if the acquisition is not completed by October 24, 2022, Twitter “may terminate the Merger Agreement.” Additionally, if Twitter stockholders “fail to accept the Merger Agreement,” the deal might fall through. Depending on shareholder and regulatory clearances, the deal is scheduled to finalize this year for $54.20 per share.