Elon Musk 'not sure' his takeover bid for Twitter will be successful

Tesla boss Elon Musk has admitted that he is "not sure" his takeover bid for the social media firm Twitter will succeed.

He commented at a conference that he had offered to buy the company for 54.20 a share, just hours after the firm announced its bn 43bn price. (Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

Also on Thursday, Twitter's chief executive told reporters that the agency was evaluating the approach.

Parag Agarwal told the alleged staff meeting that the company was not being "held hostage" by the offer.(Twitter: Elon Musk 'not sure' takeover will succeed, but says he has a 'Plan B)

Speaking at the TED2022 conference in Vancouver, Mr. Musk said: "I'm not sure I'll actually be able to achieve this."

He added that he had a "Plan B" if his bid for Twitter was rejected, but did not elaborate on what that might mean.(Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

Mr Musk added at the event that Twitter should be more open and transparent. "I think it's very important to have an inclusive field for freedom of speech," he said.

On Thursday, he announced on Twitter an offer to buy shares that he did not already have.

In an official filing with U.S. regulators, Mr. Musk said he was the right person to "unlock" the company's "extraordinary potential" and that if his offer was not accepted, "I would have to reconsider my position as a shareholder." (Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

He added that if Twitter's board of directors chooses to reject the proposal, "the offer would be completely unprotected from the shareholders' vote."

Saudi Crown Prince Alwaleed bin Talal avoided the bid, tweeting: "I don't believe Elon Musk's proposal has come close to its underlying value because of the potential for Twitter to grow."

The billionaire has claimed a partnership on Twitter through his investment firm Kingdom Holding Company. However, Mr Musk immediately asked Prince Alwaleed how many Twitter shares he owned in response to the firm's response: "What is the state's position on journalists' freedom of speech?"

According to Forbes Magazine, Mr. Musk is the richest man in the world, mostly due to his shareholding in electric vehicle maker Tesla where he is chief executive.

He did not elaborate on how his bid for Twitter would be financed. US investment bank Morgan Stanley is advising Mr Musk. (Elon Musk Makes Offer to Buy Twitter)

Bruce Desley, Twitter's former vice president for Europe, the Middle East and Africa, told the  program that Mr Musk appeared to be "playing with the company to some extent".

"As far as I can tell, the latest bid he made doesn't seem like a serious bid, but I think it's proving to be very disruptive for the company."

He said Twitter could be taken personally and benefit from shareholders.

"Following in the footsteps of Google and Facebook to some extent, the constant verification of being a publicly listed company is certainly a challenge for the company, so private ownership can be the right solution.

"I'm not sure Elon Musk's approach is going to win the hearts of many fans," he added.

Shares of New York-listed Twitter rose early Thursday but fell 1.6% to $ 45.08, below Mr. Musk's offer.

Twitter's board has enlisted the help of another Wall Street bank, Goldman Sachs, as it considers how it will respond to the takeover process.(Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

In addition to acknowledging takeover bids, Elon Musk has publicly silenced Twitter since announcing the company's purchase bid.(Elon Musk Makes Offer to Buy Twitter)

But details of an "all hands" meeting have been leaked, where the company's chief executive, Parag Agarwal, was questioned.

The details provide nothing more than an indication of what Twitter's management is thinking about the offer. Mr Agarwal said he could not be reached for comment, but said the agency had not been "held hostage".(Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

I was told the meeting was designed to provide more information to the staff. But a Twitter worker told me they were more confused and left the meeting. “I didn’t feel any sense of clarity,” they said.

Employees say they are in the dark about what could happen. "I would say I know as many people on Twitter as possible."

Twitter's board needs to not only weigh the offer, but also evaluate what harm Elon Musk could do if insulted. Apparently he has a plan B if Twitter rejects his offer.(Elon Musk is no longer Twitter's largest shareholder and says he is 'not sure' his takeover bid will be successful)

Twitter may be worth billions of dollars, but it's nothing compared to Elon Musk, who is worth more than 200 billion. And such wealth makes him a dangerous enemy.

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