Internet – Twitter deal: Musk changes financing tactics – service

San Francisco (AP) – Tech billionaire Elon Musk does not want to take out loans secured with his shares for the planned Twitter takeover.

Originally, he wanted to get $ 12.5 billion (11.7 billion euros) in this way. However, a statement from the US Securities and Exchange Commission said that Musk wanted to contribute this amount in another way. The boss of the electric car manufacturer Tesla had presented financing commitments of over 46 billion dollars for the Twitter deal.

The waiver of the equity-backed loans was already expected after Tesla’s share price fell significantly. After the switch, Musk now wants to contribute $33.5 billion in addition to other loans. In order to raise this amount, he is already getting various investors on board.

According to the statement, Musk also wants to talk to longtime Twitter boss Jack Dorsey about bringing his shares into a deal to continue to be involved in Twitter after the acquisition is complete. According to the latest information, Dorsey holds around 2.5 percent of Twitter, Musk has bought a good nine percent share in recent months.

Takeover not an issue at the general meeting

Meanwhile, the Twitter takeover by tech billionaire Elon Musk was not an issue at the online service’s annual general meeting. Company boss Parag Agrawal referred to “regulatory reasons” for not being able to comment on the deal.

Nevertheless, there was a small scandal at the shareholders’ meeting: the co-head of the financial company Silver Lake, Egon Durban, was not re-elected as a member of the board of directors after a preliminary count of the shareholder votes. For co-founder Jack Dorsey, his time on the supervisory board ended as planned: when he stepped down from the top management in November, it had already been announced that he would leave the board of directors when his mandate at the annual general meeting expired.

Contrary to the wishes of the board of directors, the shareholders voted at the annual general meeting that a report on Twitter’s political donations should be prepared. So far, nothing is known about which candidates, parties or other organizations the company supported, was the reason for the proposal.

© dpa-infocom, dpa:220525-99-433900/3

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent News