Elon musk Expresses Uncertainty Over His Takeover Bid For Twitter

Elon musk Expresses Uncertainty Over His Takeover Bid For Twitter

TECHDIGEST – Elon Musk, CEO of Tesla, has admitted that he is “not sure” his takeover bid for Twitter will be successful.

He made the remarks at a press conference just hours after revealing that he had made an offer to buy the company for $54.20 per share, valuing it at $43 billion.

Also on Thursday, Twitter’s CEO informed employees that the company was evaluating the strategy.

At the staff meeting, Parag Agrawal reportedly stated that the offer was not “holding hostage” the company.

Mr Musk stated at the TED2022 conference in Vancouver, “I am not sure that I will actually be able to acquire it.” He added that he had a “Plan B” if his bid for Twitter was rejected, but gave no further details of what that could mean.

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He announced his offer to buy all of Twitter’s shares that he does not already hold on Thursday.

Mr Musk said in an official filing to US authorities that he was the best person to “unlock” the company’s “amazing potential,” and that if his bid was rejected, “I would need to reevaluate my status as a shareholder.”

He also stated that if the board of directors of Twitter rejects the offer, it would be “completely inexcusable” not to bring the offer to a shareholder vote.

“I don’t feel that the proposed offer by Elon Musk comes close to the intrinsic worth of Twitter considering its development prospects,” Saudi Arabia’s Prince Alwaleed bin Talal tweeted.

The billionaire stated that his investment firm, Kingdom Holding Company, owns a stake in Twitter. Mr Musk, on the other hand, instantly responded by inquiring how many Twitter shares Prince Alwaleed’s company holds, followed by the question, “What are the Kingdom’s views on journalist freedom of speech?”

Twitter said that it has received the offer, but that its board of directors must still consider the “unsolicited, non-binding” offer, which values the company’s stock at a fraction of what it was worth last summer at more than $70.