Elon Musk is considering whether to attempt to purchase Twitter in a tender offer after the social media giant’s board rejected his previous overture. His intentions were detailed in an updated filing with the Securities and Exchange Commission Thursday. The filing said that Musk is exploring a tender offer to acquire all outstanding shares of the stock at $54.20 per share in cash. Further, Musk claims to have secured $46.5 billion in financing for the massive deal. A tender offer is when an interested party appeals directly to shareholders to purchase all or some of a company. Musk had previously gone to Twitter’s board to ask to buy the company for $43 billion and take it private, but the board never responded to the offer and instead adopted a “poison pill” to prevent the Tesla founder from wresting control of the company. A poison pill is a strategy that can help block companies from being acquired in hostile takeovers. It allows the market to be flooded with new shares should an investor decide to buy up more than a preset percentage of a company’s stock. After the apparent rejection of Musk’s offer, he began hinting that he might make a tender offer via tweets. Over the weekend, he tweeted, “Love me tender,” enclosed by musical note emojis, referring to the 1956 hit song by Elvis Presley. Musk also tweeted a blank space followed by the words, “is the night” — a possible reference to F. Scott Fitzgerald’s 1934 novel Tender Is the Night. Musk’s original $43 billion offer to the board was a 38% premium over the closing price on the day before news broke that Musk had bought up 9.6% of the company and an 18% increase from the closing price before the purchase was announced. Musk, who is the world’s wealthiest man, has criticized how Twitter handles free speech, and many free speech activists were encouraged by his efforts to purchase the company and transform some of its policies. https://www.washingtonexaminer.com/...er-and-says-he-has-secured-46-5b-in-financing
Would it be legal if he during the weekend tweeted: "I am exploring making a tender offer for Twitter." Are there rules stating that stock sensitive information should be released via news wires/filed without delay with the SEC or some other regulatory authority? If so, has he not broken the rules?
I watched that video about 10 hours before you posted, it is now already out of date, given Musks latest filings in the last few hours. The guy (Patrick Boyle) is always a bit negative, he often says home based traders cant make more than 20% to 30% a year. But Jack Schwager did put him in his place telling him the best small traders can make 300%+ a year. I would like to know how much he returns as a fund manager. Although i get the impression he spends more time these days making you tube videos that he does running his fund.
He's not an insider nor a member of the public with inside information (which would include members of legal profession with inside info relevant to what he's said). He can say whatever he wants. If investors care to act upon his words, it's their choice.
Not an insider at you recognize... "A corporate insider is either a senior officer, director, or an above 10% equity owner." And even if he were an insider, he's not prohibited from making "public disclosure".
Well price currently is close to gap bottom than last gap top so what does that say about chances of this happening?
Nice job at attacking the messenger (a logical fallacy). Criticizing him for something unrelated is also a big no-no. Was he correct and factual with his analysis? Yes. Was he funny and educational? Yes. I don't care if he is a wife beater, that is not the point of this conversation... Video slightly out of date is a valid criticism though, although you can't update it in every 5 minutes.