Twitter in talks with Elon Musk over bid to buy platform: Reports
Washington, Apr 25: Twitter's board is negotiating with Elon Musk over his bid to buy the social media platform and a deal could be announced as early as Monday, according to media reports.
Twitter and Musk negotiated into the early hours Monday over his bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive stake.
Musk said last week that he had lined up USD 46.5 billion in financing to buy Twitter, putting pressure on the company's board to negotiate a deal.
The Times, citing people with knowledge of the situation who it did not identify, said the two sides were discussing details including a timeline and fees if an agreement was signed and then fell apart. The people said the situation was fluid and fast-moving.
Before the opening bell Monday, shares of Twitter Inc. rose 5%.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
Also, a rival bidder to Musk may not be stepping up any time soon, fearful of the byzantine task of moderating content on the platform, something that Musk has vowed to do less of.
The Twitter Board could not find a white knight and with Musk's financing detailed the clock has essentially struck midnight for the board which is why negotiations have begun to get a deal done, said Dan Ives, who follows Twitter for Wedbush Securities.
On April 14, Musk announced an offer to buy the social media platform for USD 54.20 per share, or about USD 43 billion, but did not say at the time how he would finance the acquisition.
Last week, he said in documents filed with U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in the electric car maker.
Twitter has not commented.
Musk has said he wants to buy Twitter because he doesn't feel it's living up to its potential as a platform for free speech.
In recent weeks, he has voiced a number of proposed changes for the company, from relaxing its content restrictions such as the rules that suspended former President Donald Trump's account to ridding the platform of its problems with fake and automated accounts.
Musk is the world's wealthiest person, according to Forbes, with a nearly USD 279 billion fortune. But much of his money is tied up in Tesla stock he owns about 17 per cent of the company, according to FactSet, which is valued at more than USD 1 trillion and SpaceX, his privately held space company. It's unclear how much cash Musk has.
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Upset over insufficient replies by govt, Speaker adjourns the Assembly, walks out
Bengaluru (PTI): Upset over the insufficient number of written replies from government departments to MLAs' questions, Karnataka Assembly Speaker U T Khader on Monday adjourned the House and walked out, stating that he would not run the House until concerned ministers and secretaries provide an explanation.
The Speaker's move, considered "unprecedented" by many legislators, came after Home Minister G Parameshwara tabled 84 written replies against 230 'unstarred' questions submitted by MLAs.
Khader, on Friday, had admonished the government, stating that his "gentleness" should not be mistaken for "weakness," as he took strong exception to the government replying to only a few of the questions from MLAs.
Last week, Khader had repeatedly, though mildly, asked the government to ensure replies to the questions asked by legislators.
As soon as Parameshwara tabled the written replies, opposition BJP members, including Leader of Opposition R Ashoka, pointed out to the Chair that the situation had not improved despite repeated warnings, even as the Home Minister claimed that there was a "bit of improvement."
"Not even 50 per cent questions were replied to. You (Speaker) have warned them (government) four times already, do it for the fifth time. Let it become a record. This government is dead.....Despite warnings, they have not improved. Officials come like Gods, they go home like Gods," Ashoka said, demanding that the Speaker take action.
Khader expressed displeasure, stating that he had issued "clear orders" from his chair four times.
"This House is not for ministers. The session is held for legislators, and it is for them to meet once in three months to discuss issues in their constituencies. Legislators from all parties ask questions. Out of them, only 15 questions become 'starred' (questions to be answered on the floor of the House) daily. If the remaining (unstarred) questions go unanswered, why should they (MLAs) come to this House?" he asked.
Pointing out the lack of proper replies to questions asked, the Speaker said, "How can we continue like this? Despite clear orders from the Chair four times, there are no signs of improvement. How do we run this House?"
"So, until the concerned ministers and secretaries give a proper explanation, I won't run this House," he said, before adjourning the House and walking out.
Later, when the House resumed, the Speaker said there was a meeting involving the Chief Minister, Leader of Opposition, senior minister, chief secretary and other senior officials took place, during which it was decided that answers should be provided to questions put by MLAs and appropriate action had been taken.
The government will give its reply on this issue later in the day, he said, as he adjourned the House for lunch.
