Elon Musk & Twitter, Issues Can Be Resolved
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Recall our various previous posts on the saga of Twitter buyout by Elon Musk, listed below, in italics:
- Elon, The Perfect Location For Twitter Is Greater Orlando Area
- Elon Musk’s Twitter Deal Temporarily On Hold
- Elon Musk Buys Twitter w/$44B
- Elon Musk, Battling For Free Speech Via Twitter
- Elon Musk Now Twitter’s Biggest Shareholder
- Former President Obama Speaks On Disinformation’s Threat To Democracy/Free Speech Guided By John Stuart Mill’s “On Liberty”
On Tuesday, June 21, 2022, at an event hosted by Bloomberg, Elon Musk said that there were three main issues that need to be resolved before the Twitter buyout can go ahead:
- Questionable accounts: Elon Musk wants more clarity from Twitter regarding how many of its users are genuine. According to the public disclosures from Twitter, less than 5% of Twitter’s monetizable daily active users are from false or spam accounts. Musk is doubtful and said, “We’re still waiting a resolution on that matter, and that is a very significant matter.” Bret Taylor, Twitter’s independent board chair, said company management remained “committed to the transaction under the agreed upon terms.”
- Debt Financing: Despite being wealthiest person on earth, much of Elon Musk’s wealth is tied up in Tesla stock. In May, in addition to Musk’s commitment in paying $33.5 billion in cash for Twitter, he also received $7.1 billion in equity financing commitments from investors including Oracle co-founder Larry Ellison and the crypto exchange Binance. The remainder of the funding will come from bank loans. Musk has sold and pledged billions in Tesla shares as collateral for the loans. So exactly how this will play out remains uncertain.
- Shareholder approval: Last but not the least hurdle is the approval from Twitter’s shareholders. Investors/shareholders will be voting on the deal in late July or early August of 2022.
- Twitter picks a number between 40B and 42B to finalize the deal, preferably 40.6B (40.6B would be resolved much sooner than 41.8)
- Twitter board convince Twitter investors/shareholders that it is the deal of a life time (which it is!)
- Twitter board convince shareholder’s law suit against Elon Musk be dropped
- Remember the saying: Strike while the iron is hot…there is opportunity cost associated with time…So every one can get on with his/her life.
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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