Twitter’s acceptance of Elon Musk’s roughly $44 billion takeover bid brings the billionaire Tesla CEO one step closer to owning the social media platform.
Tesla CEO Elon Musk has entered into a definitive agreement to buy Twitter Inc. and hopes to turn it into a privatized company.brings the billionaire Tesla CEO one step closer to owning the social media platform.
When Twitter’s board adopted an anti-takeover provision known as a "poison pill" just 10 days ago, the move was widely seen as a telltale sign that the directors were gearing up to rebuff Musk’s opening offer or perhaps seek another suitor willing to pay more. The details of those conversations aren’t known, but Musk could point to a more than 20-year history building and running several businesses — most notably as the longtime CEO of. The electric car maker is currently valued at $1 trillion -- roughly 25 times more than Twitter.
Meanwhile, Tesla’s stock is now worth nearly 300 times more than when it went public in 2010. And after struggling to make money for more than a decade, the automaker is now extremely profitable with net income of $3.3 billion during the first three months of this year alone. "He’s acquiring this company, not from a financial perspective," Zino said. "He’s going to do what he wants with it and he’s probably going to look to make significant changes to the business model of the company."Last year, Twitter generated $5 billion in revenue, with $2.8 billion from the U.S. and the rest earned overseas, Zino said. The Federal Trade Commission in the U.S.
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