Board Fights Back: Twitter Stock Ends Trading In The Red: Musk Criticizes Twitter Board – Zero Dollar Salary – Apollo Likely Considering Participating In Twitter Bid | news

“(Twitter’s) Executive Salary will be $0 if my offer is successful,” Musk tweeted Monday. “So that’s $3 million a year that we’re saving here.” Musk responded with the tweet to a post by another user who had criticized the Twitter forum.

Musk already owns around nine percent of Twitter and wants to take over the company for around $43 billion. Twitter’s board isn’t thrilled about this and has reacted with a “poison pill”: On Friday, Twitter announced the launch of a frequently used procedure intended to make it harder for big investors to increase their stake.

According to a source, investment firm Thoma Bravo, which focuses on the technology industry, has also informed Twitter that it is also examining a bid for Twitter. However, it’s unclear how high this could be and whether it will reach it, the person familiar with the process said. Thoma Bravo declined to comment on this.

Shares of Twitter rose 3.5 percent on Monday to $46.68. That is well below the $54.20 Musk is offering per share.

Financial investor Apollo is apparently considering participating in a Twitter offering

According to a press report, the US financial investor Apollo may want to get involved in the acquisition of the short message service Twitter. The company is considering supporting tech billionaire Elon Musk or another bidder with equity or loans in a bid, the Wall Street Journal (“WSJ”) reported Tuesday night, citing people familiar with the Persons matter. The financial investor has also toyed with a possible cooperation between its Internet service Yahoo and Twitter. Apollo had acquired Yahoo from the US telecommunications group Verizon.

Musk tried to buy Twitter last week. He already owns a good nine percent of the shares and is offering all Twitter shareholders US$54.20 per share. The 50-year-old explained that he “technically” had the necessary funds to carry out the operation worth more than 40,000 million dollars (37,000 million euros). The key question is whether enough existing shareholders are willing to sell their shares at the price being offered. According to the “Wall Street Journal”, other financial investors such as Thoma Bravo are already interested in the short message service.

Twitter is resisting Musk’s takeover attempt. The countermeasure provides that other shareholders can buy additional shares at a bargain price if a buyer exceeds the 15 percent mark. The move is a classic “poison pill” used by companies threatened by takeovers. Twitter’s board of directors announced that the plan should apply for one year. An exception would be if a deal is approved by the board of directors.

Twitter shares fell 4.71 percent to $46.17 in NYSE trading on Tuesday.

(Reuters) / NEW YORK (dpa-AFX)

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