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Twitter Shares Jump 3% On Reports It could Accept Elon Musk’s Bid

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Twitter Shares Jump 3% On Reports It could Accept Elon Musk's Bid

Twitter shares jumped more than 3% on reports the company is nearing a deal with Elon Musk that could be announced as soon as Monday.

Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called poison pill to fend off a potential hostile takeover. However, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.

The company’s board met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.

Bloomberg and Reuters reported the two sides could reach an agreement as soon as Monday. The board negotiated with Musk into the early hours of Monday, according to The New York Times.

It’s unclear what a final deal could look like, and Reuters reported Monday that an agreement could still fall apart. Twitter has not been able to secure a “go-shop” agreement yet, which would allow it to look for other bids once it signs an accord, according to Reuters. The company could still accept another bid if Musk pays a break-up fee, it added.

Wall Street was likely to view the news of Twitter’s openness to a bid “as the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” Wedbush analyst Dan Ives said in a Sunday note.

“I think they almost have to” take the deal, CNBC’s Jim Cramer said Monday on “Squawk on the Street.” Twitter is set to report first-quarter earnings Thursday, and some, including Cramer, expect the company to post disappointing results.

“Locking a deal up today or tomorrow may sound pretty appealing for someone who knows they are in possession of bad news,” Gordon Haskett said in a Monday note.

READ ALSO: Elon Musk,World’s Richest Person, Says He Doesn’t Own A Home

Twitter declined to comment. Tesla shares were down more than 1% in the morning.

The Tesla and SpaceX CEO has been on a tear to acquire Twitter. He had built up more than 9% in stock and turned down an offer to join the board before putting in a bid for the company.

Musk, an avid Twitter user, has contended it needs to be “transformed” into a private company so it can become a forum for free speech. He’s also said that Twitter’s board members’ interests “are simply not aligned with shareholders” and that the board “owns almost no shares” of the company.

 

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Elon Musk Looks For Twitter CEO ‘Foolish Enough’ To Succeed Him

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Elon Musk Looks For Twitter CEO 'Foolish Enough' To Succeed Him

Elon Musk said late Tuesday that he plans on remaining as Twitter’s CEO until he can find someone willing to replace him in the job.

Musk’s announcement came after just over 57 per cent of responses indicated that he should step down from the role, in an unscientific poll the billionaire himself created and promised to abide by the past weekend.

“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”

Since taking over San Francisco-based Twitter in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.

Twitter users vote yes to Elon Musk’s poll of whether he should step down as CEO

He has also alienated some investors in his electric vehicle company Tesla who are concerned that Twitter is taking too much of his attention.

“The first weeks of Mr. Musk’s Twitter ownership have raised questions about possible violations of securities or other laws, including whether Mr. Musk is funnelling Tesla resources into Twitter,” Democratic Sen. Elizabeth Warren said in a letter, made public, to Robyn Denholm, Tesla’s board chair.

READ  ALSO: Mass Sacking As Elon Musk Completes Takeover Of Twitter

Tumultuous first weeks Some of Musk’s actions have unnerved Twitter advertisers and turned off users. They include laying off half of Twitter’s workforce, letting go contract content moderators and disbanding a council of trust and safety advisors that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

Musk, who also helms the SpaceX rocket company, has previously acknowledged how difficult it will be to find someone to take over as Twitter CEO.

On Sunday, Twitter owner Elon Musk joined comedian Dave Chappelle on stage and was roundly booed. Musk responded on Twitter saying, “Technically, it was 90% cheers,” and that “It’s almost as if I’ve offended SF’s unhinged leftists … but nahhh.”

Musk has said that he’s politically a centrist, but the tweet is just one recent example of how he’s adopted partisan language in a social media culture war. Musk has distributed Twitter records that are supposed to reveal biased censorship, indulged in far-right talking points about COVID-19 and unbanned white nationalist accounts.

Bantering with Twitter followers last Sunday, he said that the person replacing him “must like pain a lot” to run a company that he said has been “in the fast lane to bankruptcy.”

“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

As things stand, Musk would still retain overwhelming influence over platform as its owner. He fired the company’s board of directors soon after taking control.

.CBC

 

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WhatsApp To Get Additional Features For Better Interaction

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WhatsApp To Gets Additional Features For Better Interaction

By John Michael Ojo
WhatsApp users will henceforth get more value for their money from the Meta-owned messaging platform following the launch of new features, including expansion  of size of group video calls to accommodate 32 people, increasing the group size to 1024 from 512 and allowing users to carry out polls in group chats.

The announcement of the new features was made known on Thursday by  Mark Zuckerberg.

“Today, we are excited to share our vision for a new feature we are adding to WhatsApp called Communities. Since WhatsApp launched in 2009, we’ve been focused on how we can help people have the next best thing to an in-person conversation when they want to talk to an individual or a group of friends or family,” Mr Zuckerberg said.

He added, “We also frequently hear from people who are using WhatsApp to communicate and coordinate within a community.”

The communities feature changes in admin controls, and introduces support for sub-groups and announcement groups. The feature will also allow 32-person voice and video calls, larger file sharing, emoji reactions, and polls.

READ ALSO: Users Stranded As WhatsApp Goes Down

When the feature is launched, admins of existing group chats will be able to transition their group to ‘Communities’ or opt to re-create their group as a ‘Community’.

Mr Zuckerberg noted that the encryption aspects of the ‘Communities’ feature was to “raise the bar for how organisations communicate with a level of privacy and security not found anywhere else.”

The ‘Communities’ feature has been in testing with over 50 organisations in 15 countries to gain early feedback.

 

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BREAKING: Mass Sacking As Elon Musk Completes Takeover Of Twitter

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Elon Musk Looks For Twitter CEO 'Foolish Enough' To Succeed Him

The $44 billion (£38.1 billion) Twitter deal begun by the world’s richest man, Elon Musk, has been completed with his takeover of the company.

This was disclosed by an investor in the firm who tweeted “the bird is freed”, in an apparent reference to the deal closing.

A number of top executives, including the boss, Parag Agrawal, have reportedly been fired.

It brings to a close a saga that saw Twitter go to court to hold the multi-billionaire to the terms of a takeover deal that he had tried to escape.

Twitter has not yet confirmed the takeover, but an early investor in the company told the BBC that the deal had been completed.

Mr Musk, a self-styled “free speech absolutist”, has been critical of Twitter’s moderation policies and the news will be greeted with mixed feelings by Twitter users and employees.

READ ALSO: Elon Musk Offers to Proceed With Twitter Deal At Original Price

Many people on the right of US politics will celebrate the exit of Agrawal as chief executive. They view people like Agrawal, and his predecessor, Jack Dorsey, as liberals who are curtailing free speech.

They also think that under their stewardship, Twitter has censored conservative voices – an accusation that Twitter denied.

Agrawal, chief financial officer Ned Segal, and the firm’s top legal and policy executive, Vijaya Gadde, are no longer with the company, according to US media reports.

Agrawal and Segal were escorted out of Twitter’s San Francisco headquarters after the deal closed, the Reuters news agency reported.

Twitter co-founder Biz Stone thanked Agrawal, Segal and Gadde for their “collective contribution” to the business.

READ ALSO: Elon Musk Considers Buying Coca Cola To Remake With Cocaine

Meanwhile, Bret Taylor – who had served as Twitter’s chairman since last November – updated his LinkedIn profile to indicate that he was no longer in the post.

 

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