“Will the spambots beat or die trying!”: Elon Musk on Twitter plans

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Elon Musk had previously rejected the offer to join Twitter’s board.

New Delhi:

Tesla and SpaceX chief Elon Musk, known for making controversial comments on social media, tweeted today, “We will beat the spam bots or die trying!” if his Twitter bid succeeds. He added that authentication of “all real people” is also part of the plan. While it’s not clear what Mr. Musk meant by authentication, his tweet has sparked speculation that he plans to do away with anonymous accounts on the microblogging site. The billionaire tech mogul recently made headlines when he plans a hostile takeover of Twitter.

Musk recently bought a 9.1 percent stake in the social media giant to become the company’s second largest shareholder. Last week, Tesla’s CEO made a $43 billion offer to buy the social media company, but it appears the company has adopted the “poison pill” strategy to avoid increasing its stake in the company.

Musk has received a $46.5 billion funding commitment to buy Twitter Inc and plans to make an offer for its shares, a filing with U.S. regulators revealed Thursday. He has pledged to deploy $33.5 billion, including $21 billion in equity and $12.5 billion in margin lending, to fund the transaction.

Banks, including Morgan Stanley, have agreed to provide an additional $13 billion in debt secured from Twitter itself, according to the filing.

To halt a takeover, Twitter’s board planned to activate the “poison pill” if Tesla’s CEO controls more than 15 percent of Twitter, according to several news reports.

Such a “pill” would allow other Twitter shareholders to buy shares at half price, increasing the number of shares in circulation and diminishing Musk’s influence.

It would then be nearly impossible for him to take full control of the business without spending significantly more than he originally planned.

A day after the company reportedly passed the “poison pill,” having swiped Twitter’s board, Mr. Musk had said, “The board salary will be $0 if my offer goes through, so that’s $3 million a month.” years saved there.’

Mr. Musk had previously rejected the offer to join Twitter’s board.

In recent days, Tesla’s CEO has been tweeting about product ideas, from eliminating ads for members of its Twitter subscription service to turning part of its San Francisco headquarters into a homeless shelter. Without a board seat, there are no restrictions on the number of shares he can buy, or on his tweeting, Bloomberg reported.





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