Tesla CEO Elon Musk may not be working alone in his endeavor to purchase Twitter. According to the New York Post, Musk is speaking with investors to partner up with on a bid for the social media company.
That plan could be announced within days, with the report mentioning one private-equity firm that would make sense as a partner. That would be Silver Lake Partners, whose co-CEO, Egon Durban, is a Twitter Board member. Durban previously led Musk’s deal team in 2018 during the failed effort to take Tesla private.
It is currently unclear if Musk would up his offer or if new partners would just go in on the purchase with him.
Musk publicly made it clear Thursday that he had submitted an offer to purchase Twitter. Per the 13D SEC filing, Musk, who currently owns a 9.1% stake in Twitter, offered to buy the remains at $54.20 a share, or $43 billion.
Twitter’s Board of Directors, in an effort to deter Musk from buying the company, voted unanimously Friday to adopt the Rights Plan, also called the “poison pill.” As OutKick’s Joe Kinsey wrote, the plan is deployed to stop Musk from implementing a hostile takeover of the company. Under the Rights Plan, Musk is unable to purchase more than 15% of the company.
“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” the company said in its Friday announcement.
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