Twitter still counts on a takeover by Elon Musk

Published ago 10 minutesupdated ago 6 minutes

Elon Musk (Picture: 123RF)

Paris — Twitter chairman Bret Taylor confirmed on Wednesday that the social network still hopes that the takeover bid for Elon Musk will succeed after the boss of Tesla cast doubt on his project.

“We intend to close the transaction,” said Mr. Taylor, who was speaking at the VivaTech show in Paris.

The chairman of the social network’s board, who is also co-chief executive of IT group Salesforce, declined to comment further on Mr Musk’s proposal.

When he made his takeover offer in April, the South African-born billionaire sent a letter to Mr. Taylor in which Mr. Musk expressed his belief that “the business will not prosper or serve its societal imperative in its present form.

He had offered to acquire Twitter for US$54.20 per share, or approximately US$44 billion.

But the boss of Tesla has since covered his tracks, suggesting that he could withdraw from the transaction if he did not obtain reliable figures on the number of fake accounts and spam present on the social network.

Some analysts believe that this strategy aims to put pressure on the management of Twitter to lower the price of the takeover or while it is a pretext to withdraw from the transaction.

Mr. Musk is due to meet Twitter employees for the first time since his bid on Thursday for a question-and-answer session.

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