Tesla’s boss continues to talk about fake accounts, there is a lack of funding and the green light of the assembly
The board of Twitter promotes theoffer by Elon Musk. But Tesla’s boss believes it is essential to resolve three issues in order to pay the promised $ 44 billion: the number of fake accounts, the financing of the operation and the approval of the shareholders. Not really three marginal aspects.
Going in order, the news of the day is the formal green light of the board, which until now was not there. The Twitter board unanimously voted in favor of Elon Musk’s offer and recommended that the company’s shareholders vote in favor of the transaction at the Shareholders’ Meeting. “The Twitter board has unanimously agreed that the merger agreement is advisable and that the merger and other transactions under the merger agreement are fair, affordable and in the best interests of Twitter and its shareholders,” he said. put in black on white. The company has informed the Securities Market Commission and has taken the necessary step in view of the extraordinary meeting that will be called to submit the transaction to the shareholders’ judgment. It has not yet been called but will be held by the end of the summer.
Some doubts remain on the table, starting with those clearly expressed by Musk himself. Tesla’s CEO spoke at a Bloomberg-hosted event of three “unresolved issues” that will need to be addressed before completing the acquisition. Many have read the resistance of the richest man in the world as an attempt to delay the times or, even, to go back on a commitment that could prove to be too burdensome even for his pockets.
Musk expressed concern about fake accounts on the social platform and asked Twitter for full access to the data. According to Twitter they would be less than 5% of active users but the entrepreneur believes that data is not very credible. The second question mark concerns the share of debt necessary to finance it. Musk pledged to pay $ 33.5 billion in cash in May and received 7.1 billion in equity loan commitments from other investors, with the rest of the funding expected to come in the form of bank loans. The last obstacle that must be considered is the passage in the assembly, in which shareholders will have to agree to hand over to Musk. In short, there is still a way to go to see Twitter in the hands of the Tesla owner.