Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.
— Elon Musk (@elonmusk) April 16, 2022
Vanguard’s April 8 disclosure that it owns 82.4 million shares or 10.3% of the company fuels tweets that Musk is no longer the top Twitter shareholder.
April 19: Musk retains Morgan Stanley to consider leveraged buyout
The New York Post reports that Musk is willing to invest up to $15 billion of his own cash and borrow against his Twitter stake to push through a deal.
April 21: Musk lines up $46.5 billion in funding
Musk explores a tender offer for Twitter, saying he’s secured $46.5 in funding. A filing with the SEC shows that he has $25.5 billion in debt financing from Morgan Stanley and other financial institutions, including margin loans backed by his equity stake in Tesla and $21 billion in equity financing from himself. But whether the billionaire will sell part of his stake in one of his prized companies to acquire Twitter remains to be seen.
April 24: The board holds discussions with Musk
Talks between Twitter’s board and Musk took place Sunday and continued into the next day. The board began to take Musk’s offer more seriously once he presented details of his financing. An agreement to Musk’s original offer of $54.20 a share could be reached as soon as April 25.
This article was provided by Bloomberg News.