'The Elon ego has landed': Industry reacts to Musk's 'deeply hostile' Twitter bid

'Opens a battle for control'

Lauren Mason
clock • 4 min read
Musk offered to buy Twitter for $41bn, two weeks after buying a 9% stake in the business to become its largest shareholder
Image:

Musk offered to buy Twitter for $41bn, two weeks after buying a 9% stake in the business to become its largest shareholder

Billionaire entrepreneur Elon Musk’s “deeply hostile” offer to buy all of Twitter at $54.20 per share has cast significant uncertainty over the future market prospects for Twitter, according to several industry commentators, who warn that friction between Musk and the firm’s employees is already high, and that his vision for free speech could cast doubt on the social media platform’s corporate governance.

On Thursday 14 April, Musk offered to buy Twitter for $41bn, two weeks after buying a 9% stake in the business to become its largest shareholder. Musk was expected to take a seat on Twitter's board but refrained from doing so, which suggested to investors that a full takeover bid was on the cards for the Tesla founder. Two-thirds of Elon Musk Tesla share sales established prior to Twitter poll But Musk's initial 9% stake in the business was met with hostility from a number of Twitter employees, with one worker tweeting: "Quick question [sic]: If an employee tweeted some of the thin...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on US

Without accounting for food and fuel costs, prices jumped by 5.9% through July, matching the previous reading.

US inflation cools to 8.5% in July

Slowdown due to lower fuel prices

clock 10 August 2022 • 3 min read
European-focused investment grade and high yield credit have highest inflows since April 2020.

Fixed income dominates ETF flows in July

Accounted for $32.5bn

clock 08 August 2022 • 2 min read
Fed chair Jerome Powell
US

Fed makes further 75 basis points hike in bid to tame inflation

Rates have reached 2.25%

clock 28 July 2022 • 2 min read
Trustpilot