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Twitter surged after Musk increased its takeover bid to $33.5 billion in talks for other funding

Twitter surged after Musk increased its takeover bid to $33.5 billion

May 27, 2022: -A recent filing reveals that Elon Musk is looking for $33.5 billion in his bid to take over Twitter.

Musk talks with Twitter founder and former CEO Jack Dorsey and others to help finance or roll their shares over to complete the deal. Musk wants to take Twitter private, and the Tesla and SpaceX CEO voiced his commitment to meeting the agreement.

Shares of Twitter grew over 5% after hours on the news, while Tesla shares plunged nearly 1%.

Elon Musk is expected to operate as a temporary CEO of Twitter for some months after completing the $44 billion acquisition, CNBC’s David Faber reported.

The deal has been mired in controversy after Musk first proposed it in the previous month. Shares are trading below the $54.20 acquisition price, indicating investors had somewhat low confidence the deal would go through.

Musk sent Twitter shares dropping in May when he said he would put the deal worth $44 billion “on hold” while examining the platform’s proportion of fake and spam accounts. Musk offered at the All In Summit tech conference in Miami that his Twitter deal should be done at a lower price, including his concerns about inauthentic activity and accounts on the platform.

Twitter acknowledged several “false or spam accounts” on the social network alongside legitimate monetizable daily active usage or users in its first-quarter earnings report. The company wrote in a filing, “We have performed an internal review of a sample of accounts and estimate that the average of spam accounts during the first quarter of this year represented less than 5% of our mDAU during the quarter.” Twitter then acknowledged that it had exaggerated user numbers by 1.4 million to 1.9 million users over the past three years.

Twitter shareholders voted not to re-elect Silver Lake co-CEO Egon Durban to the company’s board earlier on Wednesday. Durban, through Silver Lake, is a long-time business associate and backer of Musk’s companies and past business deals.

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