If Elon Musk’s effort to take over Twitter succeeds, he plans to make some changes to the firm. “If our Twitter bid is successful, we will destroy spam bots or die trying!” stated Elon Musk, CEO of Tesla, SpaceX, and Starlink. “As well as authenticate all genuine humans.”
He sent the tweets after announcing in a new filing with the Securities and Exchange Commission (SEC) that he had raised $46.5 billion for the purchase of Twitter from three sources: $21 billion from his own money, $13 billion from Morgan Stanley, and $12.5 billion from other banks.
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The New York Post first reported that Musk was aggressively seeking investors to finance roughly $10 billion for his takeover plans. It further stated that he was willing to put $15 billion of his own money into the project and that he wanted to move within 10 days.
The Post has learned that the Tesla billionaire, who is worth $270 billion according to Forbes, is attempting to fund his $43 billion bid to buy Twitter through a complex deal that includes debt against the company and possibly his own stock, as well as a large cash equity infusion from co-investors. Despite this, experts believe Musk appears to be having difficulty getting the funds.
Aside from reservations about whether Twitter is worth the $54.20 per share Musk proposed on Thursday, insiders say some investors are wary of Musk’s erratic conduct and penchant for controversy. According to two persons familiar with the matter, Musk is willing to put up $10 billion to $15 billion of his own money to take Twitter private.
That’s up from his existing 9.1 percent interest in the corporation, which is worth $3.4 billion, which he declared on April 4. He could even be ready to take out a loan against his present investment, which might be worth billions of dollars.
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“The co-investors will have more shares than Musk combined,” a source claimed, “but he will be the largest single holding.” Morgan Stanley has been engaged by the billionaire to assist him in raising $10 billion in debt in order to complete a classic leveraged buyout.
“Private equity firms aren’t rewarded for headline risk,” a source added, referring to the billionaire’s knack for causing controversy. Another insider stated, “A number of private equity firms are performing the work and grappling with the value.” “This isn’t increasing at the same rate as Instagram or TikTok.” Only $10 billion in bank debt can be raised, followed by preferred stock. Twitter doesn’t have a lot of cash on hand.”
Kevin O’Leary, a Shark Tank investor, praised Tesla CEO Elon Musk’s effort to buy Twitter and said he backed the concept of removing the social media platforms’ board of directors. O’Leary told co-host Andrew Sorkin on CNBC’s Squawk Box that Twitter is “the most wretched investment you could have put your cash into in social media.”
It has completely outperformed all of its opponents.” “The easiest way to look at it is that you’ve given them a decade, so why don’t you get the whacking stick out and start over?” O’Leary made the proposal.
“Elon Musk is suggesting something similar.” “Whether you believe in the free speech problem or not, the biggest danger for shareholders here is if Musk walks away,” O’Leary said. “Then they’re back in the same dreadful situation they’re in today.” … You’re stomping on the fundamental values of free speech in America when you attempt to determine out who should have a voice and who shouldn’t. And it doesn’t set well with the vast majority of people.”
“The penalty of free expression, the cost to society,” O’Leary explained, “is enabling the lunatic fringe to have a voice.” “This has always been the case, even back when they were handwriting newspapers.” Andrew, you’ve got to get over it.”