Tesla CEO Musk hints at 'moving on' from Twitter takeover bid

Tesla CEO Musk hints at ‘moving on’ from Twitter takeover bid in tweet days after filing documents with the SEC outlining how he would seize the social media giant

  • Tesla CEO Elon Musk hinted at ‘moving on’ from his ongoing Twitter takeover bid in a tweet over the weekend days after filing paperwork with the SEC 
  • ‘Moving on …’ Musk tweeted on Sunday. The post already had over 136,000 likes, 11,000 retweets and over 2,400 quote tweets as of Sunday morning 
  • Musk made the vague proclamation days after he filed documents Thursday with the SEC 
  • He had committed $21 billion in equity, $13 billion from Morgan Stanley in debt facilities and another $12.5 billion from the bank and others in margin loans
  • Earlier this week, Twitter filed its ‘poison pill’ defense with the SEC in a last ditch attempt to prevent him from increasing his stake in the firm further 

Tesla CEO Elon Musk hinted at ‘moving on’ from his ongoing Twitter takeover bid in a tweet early Sunday morning – days after filing paperwork with the Securities and Exchange Commission outlining how he would seize the social media giant.

‘Moving on …’ Musk tweeted more than 83 million followers.

The post had over 136,000 likes, 11,000 retweets and more than 2,400 quote tweets from as of Sunday morning.

Musk made the vague proclamation days after he filed documents Thursday with the SEC.

He had previously committed $21 billion in equity, $13 billion from Morgan Stanley in debt facilities and another $12.5 billion from the bank and others in margin loans.

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Tesla CEO Elon Musk may be getting cold feet over his proposed Twitter takeover, after cryptically tweeting ‘moving on’ on Sunday

But ‘a portion’ of his shares in Tesla have been put forward as collateral, which analysts feared could have a huge impact on the firm. 

The 50-year-old billionaire also revealed Thursday he was weighing up launching a tender offer for Twitter after the company ignored his acquisition offer.

He said he was exploring getting stocks directly from shareholders but admitted he ‘has not determined whether to do so at this time’.

The move signals Musk ramping up his commitment to seizing Twitter after weeks of back and forth between the entrepreneur and company.

Earlier this week, the social media giant filed its ‘poison pill’ defense with the SEC in a last-ditch attempt to prevent him from increasing his stake in the firm further.

Musk, the world’s richest man, currently owns a 9.2 per cent stake in the tech giant and is trying to take it private with an unsolicited bid of $54.20 per share. 

In a Twitter poll taken by nearly 20,000 users, 73 percent wanted Musk to purchase Twitter, while another 27 percent were opposed to it. 

Meanwhile, Twitter’s share price closed 0.77 per cent up at $47.08 on Thursday, as speculation continues to rumble as to whether Musk’s audacious bid will be successful.

Elon Musk’s attempted hostile takeover of Twitter timeline:

  • January 31: Musk starts buying Twitter shares ‘almost daily’
  • April 4: The billionaire reveals he has a nine per cent stake in the tech giant
  • April 5: Twitter offers him a seat on the board of directors – as long as he does not own more than 14.9 per cent. He initially accepts the offer
  • April 8: Vanguard Group reveals it has a larger, 10.3 per cent, stake in Twitter, meaning Musk is no longer largest shareholder
  • April 9: Musk rejects seat on Twitter’s board on the day he is meant to join
  • April 10: CEO Agrawal announces Musk declined to join the board in a statement
  • April 12: Investor Marc Bain Rasella files lawsuit against Musk in NYC over ‘failing to report his Twitter share purchases to the SEC’ in time
  • April 14: The Tesla founder offers to buy Twitter for $43 billion
  • April 14: Twitter stocks plummet after hostile takeover bid
  • April 15: Twitter board mounts a ‘poison pill’ strategy against Musk
  • April 16:  Musk tweets ‘Love Me Tender’ as he again teased at the possibility of a hostile takeover of Twitter
  • April 17: Musk agreed with a tweet saying the ‘game is rigged’ if he can’t buy Twitter
  • April 18: Jack Dorsey has slammed the board of Twitter for ‘plots and coups’ that were ‘consistently the dysfunction of the company’ 
  • April 18: The social media giant files its ‘poison pill’ defense with the Securities and Exchange Commission
  • April 21: Musk files SEC document unveiling how he will fund takeover bid
  • April 24: Must tweet ‘moving on’ in possible hint he may be done with takeover bid  

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