Elon Musk tweets ‘Love Me Tender’ as he hints about ‘hostile takeover’ days after $43 billion Twitter takeover bid: Social media giant files ‘poison pill’ shareholder rights plan with SEC
Elon Musk has tweeted ‘Love Me Tender’ as he again hinted at the possibility of a hostile takeover of Twitter.
The billionaire posted the Elvis Presley lyrics at the weekend in a potential bid to lure shareholders with a tender offer that could see him seize control.
A tender off would see him bypass the board and go straight to shareholders with his offer of $54.20 a share – but he would need to show how he would finance his bid.
It comes as the social media giant filed its ‘poison pill’ defense with the Securities and Exchange Commission today in a bid to thwart the Tesla founder.
The plan is being seen as a last ditch attempt to prevent Musk from increasing his stake in the company further following his $43billion bid.
Meanwhile Jack Dorsey took aim at the firm’s board, slamming it for ‘plots and coups’ that were ‘consistently the dysfunction of the company’.
In a series of tweets and replies, Twitter’s former CEO endorsed one posting saying that ‘a bad board will kill a company every time’.
Musk, the world’s richest man, currently owns a 9.2 per cent stake in Twitter and is seeking to take the company private with an unsolicited bid of $54.20 per share.
But Twitter has brought on Goldman Sachs and reportedly JPMorgan Chase to advise it on how to respond to the bid.
Elon Musk (pictured last week) has tweeted ‘Love Me Tender’ as he hinted at the possibility of a hostile takeover of Twitter
Musk’s tweet on Saturday afternoon was his latest hint he will bypass Twitter’s board and put his offer directly to shareholders.
On Thursday, following a TED talk appearance, he tweeted: ‘It would be utterly indefensible not to put this offer to a shareholder vote.’
He later added that the board’s ‘economic interests are simply not aligned with shareholders’.