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Musk’s takeover deal: A positive for Twitter but a negative for Tesla
The latest twist in the long-running feud between Elon Musk and Twitter Inc. is likely nearing its end after the Tesla boss did an unexpected U-turn and elected to buy the social media platform. Investors are now questioning whether Musk will dump Tesla to fund the Twitter deal.
According to Ben Laidler, global markets strategist at social investing network eToro, Musk is proposing to buy Twitter for the original offer of $54.20 a share. Musk (pictured) changed his mind and made the proposal in a letter to Twitter just weeks before the two sides were due in court.
“Elon Musk is reported to have surprisingly reversed course and to now be prepared to go ahead with his original USD$44 billion purchase of social media company Twitter,” Laidler explained. “This about face may be a reflection of the seemingly long odds of overturning the disputed agreement in court.
“This news would be a relief to Twitter’s long-suffering shareholders. The company’s shares surged by 22 per cent to $52 on the latest takeover possibility but remain below April’s USD$54.20 offer price. Musk has been active on Twitter since 2009 and has a huge 108 million followers.”
The renewed offer comes less than two weeks prior to a scheduled court trial between Musk and Twitter over his attempt to back out of the deal.
“In the past three months Musk has tried to pull out of the deal three times, claiming in part that Twitter has been less than transparent about spam and bot accounts on the platform,” Laidler said.
Laidler believes the deal eliminates a degree of uncertainty for Twitter shareholders but notes the uncertainty around Musk’s deal and his electric vehicle company, Tesla.
“Tesla shares fell on concern that the world’s richest man would be less focused on the electric vehicle maker as it faces supply chain bottlenecks and rising demand fears,” Laider continued. “There were also worries that he would have to further reduce his 14.8 per cent shareholding to finance the Twitter takeover.”
Josh Gilbert, market analyst at eToro, believes the deal will have an impact on the Tesla share price because of the uncertainty surrounding an emergency share sale.
“Musk has already sold around USD$6.9 billion worth of Tesla shares to fund his Twitter acquisition deal. Based on his previous communication, it looks like there will be no further share sales. Musk has already stated via Twitter that he wanted to avoid an emergency sale of Tesla stock if the deal was closed – but the fear from Tesla shareholders is if he needs to further liquidate his 14.8 per cent stake in Tesla to finance the deal,” Gilbert said.
“At a time when Tesla has just reported weaker-than-expected delivery numbers and competition is increasing, Tesla shareholders want their CEO laser-focused on the business,” Gilbert continued. “This Twitter deal will mean exactly the opposite. Although he sometimes seems superhuman, the world’s richest man is still only one person.
“The bottom line is that this deal will have an impact on Tesla’s share price. What remains to be seen is whether that’s a consequence of the uncertainty behind the Twitter deal or due to the brains behind Tesla’s success likely being focused elsewhere.”
