Sure Elon Musk Might Buy Twitter
- Date: 16-Apr-2022
- Source: Asharq AL-awsat
- Sector:Financial Markets
- Country:Middle East
Sure Elon Musk Might Buy Twitter
International and Arab News
Well that was weird. On Tuesday I wrote a column saying it was unlikely that Elon Musk will buy Twitter Inc. On Wednesday I left on a family vacation. On Thursday, for my sins, Elon Musk announced an offer to buy Twitter for $54.20 per share in cash. 420 is a weed joke.
I suppose this increased the probability that Elon Musk will buy Twitter? By a little? Yesterday Twitter’s stock managed to close down 1.7%, at $45.08, suggesting that the market puts a somewhat lower probability on Musk buying Twitter after he formally proposed to buy Twitter than it did before.
Musk has some history here: In 2018 he pretended that he was going to take Tesla Inc. private; he wasn’t, and eventually he settled fraud charges with the US. Securities and Exchange Commission. Ordinarily if a billionaire chief executive officer of a public company offers to buy a company, the odds that he is kidding are quite low. When it’s Elon Musk, the historical odds are, like, 50/50. (He really bought SolarCity.)
By Thursday afternoon, Musk went onstage at a conference — honestly itself a weird thing to do in the middle of a hostile takeover or whatever?
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