The Twitter Bidding War

While we may have thought we had heard the last of Twitter when Instagram first became popular, people are still using the 140-character count platform for everything from entertainment to news.

And while Jack Dorsey may be long gone, and the NFT of his first tweet deemed nearly worthless, there may soon be another big name at the helm.

It’s no secret that entrepreneur and rocketeer, and one of the world's richest people Elon Musk (CEO of Tesla Inc.) uses Twitter for both personal and business purposes. His tweets have been some of the most newsworthy over the last few years and he has a following of over 90 million.

And while many of his tweets are polarizing, one tweet, in particular, outraged the board of directors at Twitter. What was it? Just an offer to purchase the social platform for $44 billion.

Let the Bidding Begin

When Musk tweeted to buy the company for $44 billion back in April, Twitter’s board sought to act swiftly to ensure he couldn’t go through with it but received backlash from Musk and others that doing so wouldn’t be acting in the best interest of shareholders. So, the board sat back and crossed their fingers that someone might outbid the SpaceX CEO…

Elon Musk may have been the biggest name and the first individual to publicly bid for ownership of Twitter, but his bid did spark interest from others, a few equity groups, in particular.

After Elon’s bid, the equity group, Vanguard Group upped its stake in Twitter to 82.4 million shares of the company or 10.3%. Another equity group, Thomas Bravo, was rumored to be placing a bid, as well as investment firm Elliott Management.

Although there may have been other suitors, not one offered a counterproposal. Thus, it’s the bid from Elon Musk that came out on top. So, will Musk add the CEO of Twitter to his resume? Or was it all a ruse?

The Buyout on Hold

As of May 17, Elon Musk said (via Twitter, naturally) that the deal to buy Twitter can’t move forward. The deal is not dead, however, but on hold until Musk gets more details about the spam and fake accounts on the platform.

The New York Times reported that Twitter and Musk are proceeding with the deal behind the scenes. Although Musk is very publicly voicing his concerns, not going through with the deal would cost him upwards of $1 billion.

Throughout this tumultuous deal, Twitter share prices have risen and fallen, but are far lower than the $54.20 per share Elon Musk agreed to pay.

And while anyone can currently invest in Twitter, not just anyone can take part in opportunities that require verified investing. To invest in 506(b) vs 506(c) offerings, you need an accredited investor verification firm that verifies your status as an accredited investor. To learn more about the opportunities this status grants you access to, visit our FAQ page and discover how to become an accredited investor today.