It’s hard to tell sometimes. But I am sure we are never going to get another corporate takeover quite like this one. Musk seems to be transacting his takeover through tweets. First, he ran a Twitter survey about what to do with the company, then announced his nine-per-cent position in the company, and is now trying to finagle a better price by questioning its bot accounts.
We know plenty of arbitrageurs who bought stock at US$49 thinking a US$54 bid was a nice way to make some money. The stock is now less than US$40. Musk faces a possible US$1-billion break fee if he walks away from the deal. But to him, that is essentially chump change.MicroStrategy Inc. has been the poster child for corporations investing in bitcoin. The company and its chief executive firmly believe bitcoin is going to the moon, and have issued debt in order to load up on the cryptocurrency.