Twitter Closes Down on Session as Musk Calls for Shareholder Vote

Here’s what happened today in regards to Elon Musk’s effort to buy Twitter.

Twitter (TWTR) lost ground today, closing at $45.08 versus Elon Musk’s cash offer of $54.20, as speculation grew about whether the board would approve of a sale to the Tesla CEO.

  • Saudi Arabian Prince and major Twitter shareholder Alwaheed bin Talad voiced his opposition to Musk’s offer in a tweet, to which Musk responded in-kind by asking exactly how much Twitter the Saudis own and questioning the Kingdom’s views on freedom of speech.
  • The Tesla chief also tweeted about the importance of allowing a vote on his bid, reminding “[the shareholders] own the company, not the board of directors.”
  • Strike CEO Jack Mallers told CNBC that he supports Musk’s purchase of the company, particularly if it means implementing cryptocurrency into the app. “With the right leadership, Twitter could become a payments business,” said Mallers.
  • Musk also happened to be speaking today at the TED2022 in Vancouver, Canada, where he expressed his desire for less regulation and more protections for freedom of speech.
  • Looking at development’s from Twitter’s side, the board met at 10 AM ET this morning, but other than some loose chatter regarding discussions of adopting a poison pill defense, nothing tangible has yet leaked. Twitter also scheduled a company town hall for 5 PM ET.
  • Meanwhile, the NYPost reports private equity firm Thoma Bravo is looking into putting in its own bid for the company.
  • The share action today suggests the market is skeptical about Musk winning the company, with the stock price actually falling during the regular session to close down 1.7% at $45.08 versus Musk’s offer of $54.20. Shares are up 3.5% in after hours trade to $46.67.

Read also: Elon Musk Offers to Buy Twitter to Take Company Private

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