Elon Musk’s efforts to takeover and restore Twitter to its free speech origins rumble on, with the billionaire tweeting that once he is in charge the rest of the board will have their salaries reduced to zero.
Musk tweeted the response to investment advisor Gary Black, who noted that the primary reason Twitter board members voted against Musk’s offer on the company is because they’d be out of cushty jobs that pay them massive amounts for doing basically nothing.
The New York Post suggests that Musk is shifting his strategy and going after Twitter with “a complex deal that raises debt against both the company and possibly his own stock, as well as a giant cash equity infusion from co-investors.”
Citing sources close to Musk, the Post suggests that he is planning to put in $10-$15 billion of his own money to take the company private, along with $20 billion from outside investors who will own more stock than Musk while ensuring he would remain as the largest shareholder.
The report also claims that Musk has hired Morgan Stanley to raise $10 billion in debt against Twitter “in the manner of a traditional leveraged buyout.”
The report further suggests that the co-investors “will finance a hostile tender offer directly to Twitter shareholders,” and that “Musk is planning to launch the tender offer for Twitter in 10 days or so.”
Musk seemed to confirm all this with this tweet:
Meanwhile, Musk commented on Netflix shares tanking by 20 percent, saying that the “woke mind virus” is making the platform “unwatchable.”
Netflix reported a loss this weekt of 200,000 subscribers in the first quarter of the year, and an expectation of losing a further 2 million subscribers in the second quarter, prompting shares of the company to plummet in after-hours trading by more than 20 percent.
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