Elon Musk does not give up.
It has always been like this.
In 2017, 2018 and 2019, the worst years in the history of Tesla (TSLA) – Get Tesla Inc Report, many people sang the funeral speech of the manufacturer of electric vehicles.
“2017, ’18 and 19 were three years, it was the longest period of excruciating pain in my life. There was no other way and we barely made it. We were on the verge of bankruptcy all the time. not like I want pain. I do not like. It was so much pain, “Musk said in a recent interview with Ted Talk.
But Musk continued to believe as Tesla struggled to mass-produce the Model 3, its initial model that would allow it to sell cars to large numbers of people outside the upper social classes. News reports show that Musk has pledged his stake in Tesla to secure financing for Tesla’s operations from banks.
Three years later, Tesla dominates the electric vehicle market and is expected to produce about 1.42 million vehicles in 2022, according to industry sources. The automotive group has also become profitable and has a market capitalization of $ 1.01 trillion. How far we have come, from near bankruptcy to one of the largest companies in the world in terms of market capitalization.
Transparency against secret meetings
Currently, the serial entrepreneur is in a difficult situation, in which the chances of winning are not very good, according to experts.
Elon Musk made a $ 43 billion offer on April 14 at $ 54.20 a share to take control of Twitter (TWTR) – Take Twitter, Inc. Report, whose largest shareholder he became on April 4, after acquiring a 9.1% stake. He later rejected an agreement with the group, according to which he promised to buy no more than 14.9% of Twitter by 2024 in exchange for a seat on the board.
But suddenly on April 9, the day that would be his first board meeting as a board member, Musk announced that he was rejecting the deal. Five days later, he formalized his hostile takeover offer. Since then, the board has adopted a “poison pill”, a sort of mechanism that strengthens shareholders’ rights to thwart a hostile offer.
The plan is effective if a country acquires 15% of the shares without prior approval and aims to ensure that anyone who takes control of Twitter through the open market pays all shareholders an appropriate premium.
Faced with this opposition from within, Musk appears to have launched a public campaign on social media to win public opinion on his candidacy.
In principle, the future of Twitter will be decided on Twitter. In this way, Musk contrasts two images. The one of transparency – he of course – who plays all his cards on the table against that of the system that plans secret meetings.
In fact, while Twitter’s board of directors is holding closed-door meetings to discuss Musk’s offer, the tech mogul is attracting users to the social network, which has more than 82.3 million followers, the equivalent of Germany’s population.
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“I made an offer,” the billionaire tweeted on April 14 with a link to the financial report with all the details. Thus, each consumer can get acquainted with the offer in question and form their own opinion whether it is fair or not.
Then, as usual, Musk conducted a poll to launch a public campaign against the board.
“Taking Twitter private at $ 54.20 should depend on shareholders, not the board,” he asked.
Musk plays people against the system
Nearly 3 million Twitter users voted, and the vast majority said yes, which is exactly what Musk wants. Then the richest man in the world began to respond to comments from Twitter users about the battle, which now opposes him to the leadership and the board of directors.
“Elon Musk is in a bad moment,” a user posted on April 16. “I’m not sure he’s ready to accept several doctorates, several MBAs and a baroness who uses Twitter once a year (to reset her passwords) and collectively owns 77 shares of the company,” he added with a photo of members’ names. on Twitter.
“Wow, with Jack’s departure, the Twitter board collectively owns almost no stock!” Musk responded, referring to Jack Dorsey, founder and former CEO, who left in November. Musk and Dorsey seem to be friends.
“Objectively, their economic interests are simply not in line with shareholders,” Musk added.
When another user asked if the board could be accused of “criminal negligence” because “they threatened to dilute the shares of their shareholder in the company,” Musk defended the board.
“Honestly to the Twitter board, this may be a bigger concern for other potential candidates than just me,” Musk said.
The Bitcoin Archive profile organized a poll to ask users if they wanted Elon Musk to buy Twitter. It is important to note that Musk is a bitcoin supporter.
“Thanks for the support!” The billionaire replied.
Musk also mentioned a series of his tweets from 2017, in which he seems to be already talking about the possibility of buying Twitter, a way to oppose those who doubt his motives.
He himself commented on his tweets with the emoji upside down.
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