Twitter deal: Musk changes funding tactics | Free press

Before billionaire Elon Musk can take over the Twitter he aspires to, the tech company held an annual general meeting. But a possible takeover is not even mentioned there.

San Francisco

Technology billionaire Elon Musk does not want to take out loans secured by his shares for the planned takeover of Twitter.

He originally wanted to raise $ 12.5 billion (EUR 11.7 billion) in this way. However, a statement by the US Securities and Exchange Commission said Musk wanted to deposit the amount in a different way. The head of electric car maker Tesla has presented financial commitments of more than $ 46 billion for the deal with Twitter.

The abandonment of equity-backed loans was anticipated after Tesla’s share price had plummeted significantly. Following the switch, Musk now wants to contribute $ 33.5 billion in addition to other loans. To raise this amount, it is already attracting various investors.

According to the statement, Musk also wants to talk to longtime Twitter boss Jack Dorsey about finalizing his stake in the deal in order to continue to engage with Twitter after the acquisition is completed. According to the latest information, Dorsey owns about 2.5 percent. Twitter, Musk has bought a good 9 percent in recent months.

The takeover is not a problem at the general meeting

Meanwhile, Twitter’s takeover by tech billionaire Elon Musk was no problem at the website’s annual general meeting. The head of the company, Parag Agrawal, referred to “regulatory reasons” for which he could not comment on the transaction.

Even so, there was a small scandal at the shareholders’ meeting: Silver Lake’s co-chairman of financial firm Egon Durban was not re-elected as a board member after the initial shareholder vote count. For co-founder Jack Dorsey, his time on the board of directors ended as planned: when he stepped down from top management in November, it was already announced that he would leave the board of directors after his mandate at the annual general meeting expired.

Contrary to the wishes of the board of directors, shareholders voted in the annual general meeting to prepare a report on Twitter’s political donations. So far, it is not known which candidates, parties or other organizations supported by the company that led to the proposal. (dpa)

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