Source: Wyatt T – NwoReport

Elon Musk has said that he is pursuing a hostile takeover of Twitter not for financial gain, but for the ‘future of civilization,’ saying that he has a ‘Plan B’ if his initial $41 billion offer fails. 

Musk’s plan faces an uphill battle, with a Saudi prince who claims to be a major shareholder saying that he would vote against the offer of $54.20 per share, insisting that it doesn’t ‘come close to the intrinsic value’ of the social media platform.

And the Twitter board, meeting on Thursday afternoon, is considering combatting the hostile takeover with a so-called ‘poison pill’ provision that would prevent Musk from increasing his stake in Twitter, a source told the Wall Street Journal

But Musk, speaking at the TED2022 Conference in Vancouver on Thursday afternoon, defended his offer, saying he was motivated to transform Twitter into a bastion of free speech.  

‘This is not about the economics,’ Musk said. ‘My strong intuitive sense is having a public platform that is maximally trusted and broadly inclusive is important to the future of civilization.’ 

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‘The civilizational risk is decreased the more we can increase the trust of Twitter as a public platform,’ he said. ‘Twitter has become kind of the de facto town square, so it’s really important that people have both the reality and perception that they are able to speak freely, in the bounds of the law.’ 

Asked whether there is a ‘Plan B’ if the Twitter board rejects his bid, Musk responded ‘there is’, but declined to offer further details, saying that he would elaborate further at ‘another time.’ 

Though regulatory filings suggest that his bid is contingent on anticipated financing, Musk insisted that he had the resources on his own to complete the transaction, saying ‘I have sufficient assets…I can do it.’

Twitter’s board of directors was meeting on Thursday afternoon to discuss Musk’s historic takeover bid, and the company planned to hold an all-hands meeting later in the day to update employees. 

Shares of Twitter swung between positive and negative in volatile afternoon trading, but remained well below Musk’s offer price of $54.20 per share, suggesting that markets are skeptical that the deal will go through. 

Meanwhile, a Saudi prince who claims to be ‘one of the largest’ Twitter shareholders said that Musk’s offer was insufficient. 

Alwaleed bin Talal made the announcement on Twitter itself Thursday morning, writing: ‘I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects. Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.’ 

KHC is the Saudi-based holding company bin Talal operates. He also shared a grab of a tweet from 2015, in which he announced Kingdom KHC had upped its stake in Twitter to 5.2 percent. 

However, regulatory filings show that KHC’s stake in Twitter dropped below 5 percent in 2016, and it’s unclear how much of the company Talal truly owns today. 

Musk – whose 9.2 percent stake is the biggest of any shareholder – made his sensational bid for the company early Friday.