Elon Musk, Tesla CEO, attends the opening of the Tesla factory in Germany, March 22, 2022.
Musk called that price his best and final offer, although he provided no details on financing. The offer is non-binding and subject to financing and other conditions. Analyst Daniel Ives of Wedbush said in a client note that he believes “this soap opera will end with Musk owning Twitter after this aggressive hostile takeover of the company.” He thinks it would be hard for any other bidders or consortium to come forward and said Twitter’s board will likely be forced to accept Musk’s offer or start a process to sell the company.
After Musk announced his stake, Twitter quickly offered him a seat on its board on the condition that he not own more than 14.9% of the company’s outstanding stock, according to a filing. But the company said five days later that he’d declined.
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