News and Features
The dip in revenue is likely being caused by companies decreasing their ad spending due to growing inflation and Russia’s invasion of Ukraine.
Perhaps as soon as today, Twitter may announce that it has agreed to sell the company to the billionaire for around $43 billion, or $54.20 per share.
On Sunday, the billionaire provided financial details into his $43 billion offer to purchase the company, which appeared attractive to the company’s board.
While the richest person in the world seeking debt financing may seem paradoxical, much of his $261 billion fortune appears to be wrapped in Tesla’s stock.
According to Meta, over $150 million has been donated towards climate change and other environmental causes through Facebook and Instagram’s fundraising feature.
“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted.
Now, shareholders will be able to buy discounted shares if any person or group seeks to acquire at least 15% of Twitter’s common stock without the board’s approval.
In a letter to Bret Taylor, chairman of Twitter, Musk said that he can “unlock” Twitter’s “extraordinary potential” and that his $54.20 per share offer was final.
According to U.S. securities law, investors are required to disclose acquisitions of 5% within 10 days of making the investment, which would have been on March 24 for Musk.
Tesla CEO Elon Musk became Twitter’s largest shareholder following his 9.2% purchase of the company and was expected to join the social media platform’s board.