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Elon Musk considering including partners on Twitter: sources

Elon Musk is speaking to investors who could work with him on a bid for Twitter, sources close to the matter told The Post.

A new plan that includes partners could be announced within days, these sources said.

One possibility, the sources said, is a collaboration with private equity firm Silver Lake Partners, who planned to invest with him in 2018 when he was considering taking Tesla private.

Silver Lake co-CEO Egon Durban is a Twitter board member and led Musk’s deal team during the failed 2018 effort to take Tesla private, sources said. Silver Lake declined to comment.

Whether Musk would make an entirely new offer to Twitter — perhaps increase his current bid — or whether new partners would simply buy from him isn’t clear. A Musk spokesman declined to comment.

For its part, Twitter on Friday rolled out a so-called poison pill — a corporate move that prevents Musk from acquiring more than 15% of the company.

But this pill must not prevent other companies or individuals from acquiring their own shares of up to 15% of the company. These owners could work with Musk to force a sale, make changes in senior management positions, or push for other overhauls of the company.

Twitter headquarters in San Francisco
Twitter launched a so-called poison pill on Friday as the company went on the defensive against Musk’s possible hostile takeover.
REUTERS/Stephen Lam/File Photo

Twitter has yet to file its shareholder rights plan with the SEC, though it announced the poison pill in a statement. The SEC filing will provide more details on whether it prevents like-minded investors from pooling to buy a stake greater than 15%.

“It’s not over yet,” said a source close to the situation.

Musk announced that he currently owns 9.1% of Twitter. He offered Thursday to buy Twitter for $54.20 a share. Shares were last trading at $45.08 each amid doubts he will succeed with his current take-it-or-leave-it proposal.

Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday that he, as one of the major shareholders, had rejected the planned takeover bid on Twitter.

In the meantime, Twitter may have options other than simply saying no.

Private equity firm Thoma Bravo told Twitter it was evaluating the possibility of making a competing bid for the company, Bloomberg and Reuters reported on Friday, citing known sources. This comes after The Post exclusively reported on Thursday that Thoma Bravo is considering a Twitter bid.

https://nypost.com/2022/04/15/elon-musk-considers-bringing-in-partners-on-twitter-bid-sources/ Elon Musk considering including partners on Twitter: sources

DUSTIN JONES

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