Elon Musk ‘plans to take Twitter’s new holding company public within three to five years’ after going private when he takes over ‘TOMORROW’ following $44billion buyout
- Elon Musk is reportedly planning to take Twitter public within three to five years as he works to secure his $44 billion takeover on Friday
- The takeover, set to be complete by the end of the day, will take the social media company private, nearly nine years after it’s IPO
- Stocks for the social media company were suspended for trading as they hit $53.96, up from Musk’s purchasing price of $54.20-per-share
- It comes after Musk told advertisers that Twitter must not ‘become a hellscape’ under his ownership, as he called himself the new ‘Chief Twit’
Elon Musk is said to have plans to take Twitter public within three to five years after he closes on the $44billion takeover deal to take it private on Friday.
Looking to end one of the most heated merger fights in US history, Musk will be taking Twitter off the trading floor, but not for long, sources familiar with the matter told Bloomberg.
The sources claimed the Tesla CEO will put the social media company back into the public sometime between 2025 and 2027.
Twitter shares were suspended for trading on Friday pending the takeover’s outcome, which will be settled by a Delaware judge if Twitter and Musk cannot close the deal by themselves.
Shares were up 1.1 percent at $53.96 on Thursday following a meeting between Musk and Twitter’s workforce as the world’s richest man insisted that the company cannot become a ‘hellscape’ under his ownership.
Elon Musk confirmed on Thursday that he has bought Twitter ahead of a court-imposed deadline to seal his $44billion takeover of the company. Sources say he will take the company public again within three to five years
Twitter shares, which fluctuated wildly amid the legal fight between Musk and the company, settled at $53.97 on Thursday, with sell currently halted as the deal closes
Musk posted a video of himself marching into Twitter’s San Francisco headquarters carrying a porcelain sink on Wednesday, calling himself the ‘Chief Twit’
As of Friday, banks providing $13 billion in debt financing are in the process of transferring the funds to close out the Twitter deal, with Musk paying the $54.20-per-share he agreed to payout in April.
Once the deal closes, Twitter will be private for the first-times since it’s first IPO in November 2013.
Discussing his hopes for Twitter on Thursday, Musk sent a tweet to advertisers saying that while he wants the social media giant to become a ‘digital town square’ it ‘obviously cannot become a free-for-all hellscape, where anything can be said with no consequences.’
‘Our platform must be warm and welcoming to all,’ he added, ‘where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.’
He also said that he ‘very much believes that advertising… can delight, entertain and inform you,’ saying that when done properly, advertising ‘can show you a service or product or medical treatment that you never knew existed, but is right for you.
‘For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs,’ the 51-year-old billionaire concluded in his letter, adding: ‘Low relevancy ads are spam, but highly relevant ads are actually content!’
Musk later agreed with a rapper on the platform, Zuby, who suggested that Twitter should ‘find a way to compensate’ monetize or partner ‘with its top creators, like every other social media app.’
‘Absolutely,’ the SpaceX founder wrote in response.
The tweets comes just one day after the billionaire changed his Twitter profile to identify himself as the ‘Chief Twit’ and posted a video of himself walking into the company’s San Francisco headquarters carrying a porcelain sink.
The Tesla CEO sent a tweet to advertisers Thursday morning, saying that while he wants the social media giant to become a ‘digital town square’ it ‘obviously cannot become a free-for-all hellscape, where anything can be said with no consequences’
Musk (right) has faced sever backlash from employees over his takeover of Twitter
Musk also revealed his ‘motivation’ for buying the company in the open letter to advertisers, writing: ‘There has been much speculation about why I bought Twitter and what I think about advertising. Most of it is wrong.’
He said he acquired the company ‘because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.’
But, the 51-year-old billionaire wrote, ‘much of traditional media has fueled and catered’ to either the far right or the far left ‘as they believe that is what brings in the money, but in doing so, the opportunity for dialogue is lost.
‘That is why I bought Twitter,’ Musk wrote. ‘I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love.
‘And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.’
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