Tesla CEO Elon Musk disclosed Thursday that he has received commitment letters for $46.5 billion in funding to purchase Twitter, as well as a workaround since the Twitter board has been unresponsive to the billionaire.
Musk made it clear in a securities filing that he’s exploring a tender offer “to acquire shares of Twitter directly from shareholders, though he said he hasn’t decided whether to do so,” The Wall Street Journal reported.
Twitter’s board of directors last week adopted a “poison pill” to thwart Musk’s bid for a takeover.
The board has adopted a “limited duration shareholder rights plan,” which gives Twitter’s existing shareholders, except Musk, time to purchase additional shares at a discount, Axios reported Friday.
The desired effect is to dilute Musk’s holding in the company, and make the cost of a takeover higher or even prohibitive.
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Source: Dailywire
