Twitter board asks shareholders to approve Elon Musk’s $44 billion bid Oluwapelumi Adejumo · 8 hours ago · 2 min read
Musk’s offer for Twitter would earn each shareholder $54.20, which is ahead of the current value of the shares at $38.
2 min read
Updated: June 21, 2022 at 6:40 pm
Cover art/illustration via CryptoSlate
Twitter’s board unanimously recommends that shareholders vote for Elon Musk’s $44 billion bid to take over the social media company, a June 21 SEC filing shows.
According to the filing, Musk’s offer for Twitter would earn each shareholder $54.20, which is ahead of the company’s current shares value of $38.
The board has urged the shareholders to vote in support of the merger agreement, the compensations that would be payable to Twitter executive officers, and the adjournment of the meeting due to insufficient votes.
Meanwhile, the merger has an Oct. 24 deadline, but a date has not been chosen for the shareholders’ votes.
Elon Musk’s protracted Twitter purchase
Elon Musk’s interest in Twitter has hit some snags as the richest man in the world had insisted that the social media site be more transparent about the number of bot accounts on its platform.
Those issues, however, appear to be in the past as Musk recently held a virtual meeting with Twitter employees. During the meeting, he hinted that the platform could integrate a payment system that allows cryptocurrency transactions.
Several analysts have opined that the virtual meeting is the latest signal that Elon Musk remains committed to completing the acquisition.
Who profits from the takeover?
If the shareholders ratify the takeover bid at the current value of Twitter shares, each shareholder would be pocketing around $15 for every stock they own in the company.
It means Jack Dorsey, Twitter’s co-founder, who owns 18,042,428 shares, would be receiving $978 million from the deal. Other top shareholders like The Vanguard Group, Morgan Stanley, and BlackRock would earn $4.4 billion, $3.6 billion, and $2.8 billion, respectively.
Also, top Twitter executives like CEO Parag Agrawal and CFO Ned Segal could earn as much as $42 million and $25 million, respectively. This is because a “change in control” clause in their contract allows them to be paid massively if they are terminated within 12 months of new ownership.
Elon Musk’s daughter, granted name and gender change
Elon Musk‘s transgender daughter’s request to legally change her name was granted by a Los Angeles County Superior Court judge Wednesday, according to report.
“There being no objections, the petition for change of name, recognition of change of gender, and issuance of new birth certificate is granted,” the judge ruled, according to the document.
Musk’s daughter, whose new name is Vivian Jenna Wilson, asked the court to change her name in accordance with her gender identity and because “I no longer live with or wish to be related to my biological father in any way, shape or form.”
The petition was filed in Santa Monica in April, and it came to light recently in online news reports as Musk, the chief of Tesla and SpaceX, attempts a takeover of the social media platform Twitter.
Wilson did not respond to text messages from NBC News requesting comment, and it appeared her voicemail inbox was full. She recently turned 18.
Wilson’s mother is Justine Wilson, who divorced Musk in 2008; she did not respond to an email requesting comment on her daughter’s petition.
It was not immediately known what caused the rift between Musk and his daughter.
The tycoon has weighed in on the topic of transgender people choosing their preferred pronouns, tweeting in 2020, “I absolutely support trans, but all these pronouns are an esthetic nightmare.”
Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum
Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.
Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News.
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Dogecoin Gets Some Love From Musk
Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:
“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”
The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.
Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.
In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing.
Musk also stated that his staff had requested that he promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained.
In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.
DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com
Musk Social Media Comments Move DOGE
Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.
The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live.
Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.”
Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”
Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.
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Featured image from NDTV Gadgets 360, chart from TradingView.com
Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, And Near-Term Recession
Tesla and Spacex CEO Elon Musk has shared his views on a variety of topics, including crypto investing, why he supports the meme cryptocurrency dogecoin, “unresolved matters” in his Twitter takeover bid, and the likelihood of a near-term U.S. recession.
Elon Musk on Crypto Investing
Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwait at the Qatar Economic Forum Tuesday.
Crypto investing was among the topics discussed. Musk was asked whether he thinks people should still invest in cryptocurrency given the market downtown. The Tesla CEO clarified that he has never recommended that people buy cryptocurrency, stating:
I have never said that people should invest in crypto. In the case of Tesla, Spacex, myself, we all did buy some bitcoin, but it’s a small percentage of our total cash assets.
The Spacex chief previously revealed that he also owns ether (ETH) and dogecoin (DOGE) while Tesla and Spacex only own bitcoin (BTC).
Musk Responds to People Encouraging Him to Buy and Support Dogecoin
Musk proceeded to reveal why he supports the meme cryptocurrency dogecoin. Firstly, he mentioned that Tesla accepts dogecoin for some merchandise and Spacex will do the same.
He then reiterated his intention to keep supporting DOGE, stating:
I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support dogecoin. I’m responding to those people.
Recently, a lawsuit was filed against Musk, Tesla, and Spacex over their promotion of dogecoin. The lead plaintiff was a dogecoin investor who lost money trading the meme coin. He alleges that Musk and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.”
Twitter Deal Stalled: There Are ‘Unresolved Matters’
Musk also discussed some issues standing in the way of his $44 billion bid to buy Twitter Inc. He admitted that there are still a few “unresolved matters” before the deal can be completed.
The Tesla CEO elaborated that besides waiting for a resolution to the issue of how many spam bots are on the mega social media platform:
There is the question of will the debt portion of the round come together and then will the shareholders vote in favor.
He emphasized that he would focus on “driving the product” at Twitter but does not necessarily plan to become the CEO of the social media company. “One way or another, one needs to take the steps that entice most people to use Twitter,” Musk said, adding:
Ideally, I’d like to get like 80% of North America and perhaps … half the world or something ultimately on Twitter in one form or another.
Twitter claims that bots make up less than 5% of total users. Musk argued that is “not most people’s experience” on the service.
Near-Term Recession ‘More Likely Than Not’
The Spacex CEO was asked whether he thinks the U.S. economy will slide into a recession. He replied:
A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not.
Musk recently shared his view on a recession a few times. In early May, he said the U.S. economy is probably in a recession that could last 12 to 18 months. In the same month, he said if we are not already in a recession then we are approaching one. However, he noted that it is “actually a good thing.”
Tags in this story
Elon Musk, elon musk bitcoin, elon musk crypto, elon musk cryptocurrency, elon musk doge, elon musk dogecoin, Elon Musk owns crypto, elon musk recession, Elon Musk recommends crypto, elon musk twitter, Elon Musk twitter deal, spacex bitcoin, tesla bitcoin
What do you think about Elon Musk’s comments? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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