Elon Musk has revised the financing plan for his proposed $44 billion purchase of Twitter, raising investor hopes that the unpredictable billionaire still intends to pull off a deal.
Tesla CEO Elon Musk on Wednesday revised the financing plan for his proposed $44 billion purchase of Twitter, raising investor hopes that the unpredictable billionaire still intends to pull off a deal. The news comes as Twitter has been roiled by market turbulence and Musk's not-entirely-explicable concerns about the number of fake accounts on Twitter.
Wednesday was also Dorsey's last day as a member of Twitter's board, a date established when he resigned as CEO last November. Wedbush Securities analyst Dan Ives said the persistent gap between Musk's offer price and Twitter's stock price indicates that most investors still believe the billionaire will walk away from the deal unless the company agrees to a lower price. Twitter's board has so far insisted it won't do that.
Earlier at the shareholder meeting, CEO Parag Agrawal stated up front that that executives wouldn't be answering any questions surrounding the Musk bid. Even a question from a stockholder asking what will happen to his shares if someone buys Twitter and takes it private was shot down. .Musk did not join the meeting, although he could have, being one of Twitter's largest shareholders.
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