Elon Musk said three issues still need to be resolved before the planned $ 44 billion Twitter takeover, which was originally announced in April, closes.
Speaking at a teleconference Tuesday at Bloomberg’s Qatar Economic Forum, Musk said he had not yet clarified Twitter’s claim that fake and unwanted accounts accounted for less than 5% of active users, “which I do not think is the case. experience most when using Twitter. Therefore, we are still waiting for a solution to this issue. And that’s a very important issue. ” Twitter said it would “share information with Mr Musk to complete the transaction” and the company reportedly offered full access to the service’s more than 500 million daily tweets.
Musk also said that it remains to be seen whether the debt portion of the deal on Twitter will be “merged” and also noted that his offer requires approval from shareholders. “These are the three things that. Must be resolved before the transaction is completed,” he said.
Musk’s bid to buy Twitter for $ 54.20 / share includes $ 27.25 billion in equity financing, $ 6.25 billion in marginal lending and $ 10.5 billion in debt financing. Musk, the richest man in the world right now, has ordered funding from Oracle co-founder Larry Ellison, Prince Al Waleed bin Talal of Saudi Arabia, Qatar’s state-owned investment fund, Sequoia Capital, the cryptocurrency exchange. com and the a16z. The VC company founded by Marc Andreessen and Ben Horowitz.
Twitter, meanwhile, is expected to cast a shareholder vote on Musk’s bid later this summer. The company’s board of directors unanimously recommended that shareholders vote in favor of the agreement.
Shares of Twitter rose more than 2% amid wider market gains on Tuesday, but were still trading below $ 39 a share – nearly 30% below Musk’s bid, underscoring investor skepticism that agreement will be closed.
Musk was interviewed at the conference by Bloomberg News editor-in-chief John Micklethwait, who asked the billionaire if there was a limit to who should be allowed on Twitter.
“My ambition for Twitter, or for the digital city square in general, would be to be as comprehensive as possible in the broadest sense of the word,” Musk replied. “Obviously it can not be a place where [people] they feel uncomfortable or harassed, or they just won’t use it. “
Musk, as he did at Q&A City Hall with Twitter employees last week, made a distinction between “freedom of speech” and “freedom of approach.”
“In general, the approach should be to let people say what they want; but to limit who sees it based on any specific preferences of Twitter users,” Musk said. Ideally, he said, he would like to have 80% of people in North America or “half the world’s population” on Twitter somehow.
Musk was also asked if he intends to become Twitter CEO. He replied, “I would drive the product, what I do at SpaceX and Tesla… Whether they call me a CEO or something else is far less important than my ability to steer the product in the right direction.” In a meeting with Twitter executives, Musk suggested that there would be layoffs if he successfully completes the acquisition.
According to Bloomberg, the Qatar Economic Forum is run by the Qatar Ministry of Commerce and Industry, the Qatar Investment Authority and the Qatar Investment Promotion Agency.
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