(PatriotWise.com)- Elon Musk, the billionaire entrepreneur who bid to acquire Twitter Inc. for $43 billion, tweeted a series of dashes for a missing word followed by “is the Night.”
The offer from Musk, who has hinted at a hostile takeover, has spurred the social media business to implement a “poison pill” strategy to safeguard itself.
Musk, the CEO of Tesla Inc., tweeted “Love Me Tender,” an Elvis Presley song after Twitter chose a plan to sell shares at a discount to prevent owners from amassing a holding of more than 15%. Musk presently owns 9.1% of the company.
According to the New York Post, two persons familiar with the subject said that Musk is ready to contribute $10 billion to $15 billion of his own money to take Twitter private.
According to the story, the billionaire, Twitter’s second-largest shareholder, plans to make a tender offer (Love Me Tender) in approximately ten days and has hired Morgan Stanley to raise another $10 billion in debt.
Reports are that Musk may also be ready to borrow against his present ownership if required, a move that could potentially raise several billion dollars.
A growing number of private equity companies have indicated an interest in investing in Twitter. On Monday, those familiar with the situation leaked the information but did not name the companies.
Last week, a technology-focused private equity group, Thoma Bravo, approached the social networking site to discuss an acquisition that would compete with Musk’s bid.
According to Reuters, Apollo Global Management Inc. is looking at methods to fund any acquisition and is willing to work with Musk or any other bidder.
Many investors, analysts, and investment bankers believe that Twitter’s board of directors will reject Musk’s offer in the coming days, claiming that it is insufficient.