The Twitter CEO said on Thursday that no decision had been made on Elon Musk’s $ 43 billion bid to buy the company, raising speculation about a possible battle for control of the social media giant, as billionaire entrepreneur Mark Cuban said he thought Musk was simply ‘f ****** with the SEC’.
Parag Agrawal, CEO of Twitter, told staff Thursday afternoon that no decision had been made by the board on Musk’s offer
Parag Agrawal, the 37-year-old CEO of Twitter, spoke to staff Thursday after a board meeting where Musk’s proposals were discussed.
The board would follow a ‘strict process’ and make a decision ‘in the best interests of our shareholders’, Agrawal said according to The Verge.
Prior to Agrawal’s speech, staff were playing songs including ‘I Say A Little Prayer’ and ‘I Want It That Way’ by the Backstreet Boys, the website reported.
Agrawal then held a 25-minute Q&A session.
He did not say when the board would have an answer to Musk, or which way the board was leaning – answers that The Verge said frustrated some employees.
The board would follow a ‘strict process’ and make a decision ‘in the best interests of our shareholders’, he said.
Amid the board’s internal discussions, billionaire entrepreneur Mark Cuban claimed that Musk is ‘f ****** with the SEC’, and engaging in a comprehensive plan to increase the value of his Twitter shares before selling them with large profit.
Elon Musk is pictured Thursday, hours after submitting his bid for control of Twitter. The 50-year-old spoke in Vancouver on stage with TED curator Chris Anderson. Mark Cuban (right) said he thinks Musk is playing with the SEC
“My strong intuitive sense is to have a public platform that is maximally trusted and broadly inclusive is important for the future of civilization,” Musk said.
Cuban, 63, has been closely following Musk’s move toward the social media company, which Musk announced on Wednesday he would take privately for $ 43 billion.
Musk’s interest in Twitter has been rapid and furious.
On March 14, he bought 73,486,938 Twitter shares, or 9.2 percent of Twitter, for about $ 3 billion. The news was announced in an application from the Securities and Exchange Commission (SEC) on April 4, and Musk became the largest shareholder.
Musk began speculating on site changes – renaming it ‘Titter’, adding edit buttons – and pondering converting the company’s headquarters into a homeless home. He even wondered if Twitter had a future.
Cuban said Thursday that he has seen with amusement, concluding that it was all part of a detailed plan that Musk had to play with the SEC.
“My conclusion, @elonmusk is f ****** with the SEC,” Cuban tweeted.
He said Musk’s submission of documentation to the SEC officially stating his intentions provided him with legal coverage to carry out his plan.
Musk was fined $ 40 million in September 2018 – half from him, half from his company Tesla – for tweeting about taking Tesla private and sending the stock market insane.
Cuban said this time he had the legal side sewn.
“His application with the SEC allows him to say he will take a business privately for $ 54.20 compared to his ‘considering taking Tesla privately for $ 420. Financing secured,'” Cuban said.
‘The price is rising. His shares are being sold. Profit up.
“The SEC just like the WTF has just happened.”
Musk himself denied Thursday that he wanted to buy Twitter for financial reasons, insisting he was motivated by protecting free speech.
“This is not about economics,” Musk said when speaking at a TED conference in Vancouver.
‘My strong intuitive sense is to have a public platform that is maximally trusted and that is broadly inclusive is important for the future of civilization.
‘Twitter has become a kind of de facto town square, so it’s really important that people have both the reality and the perception that they are able to speak freely within the bounds of the law.’
Elon Musk appeared at the TED2022 conference on Thursday, saying he was pursuing a hostile takeover of Twitter, not for economic gain, but for the “future of civilization”, saying he has a “Plan B” if his original offer of $ 43 billion fails
Musk apparently aimed at the company’s telework policies and said he came up with the plan ‘as no one shows up anyway’
The second tweet about deleting ‘w’ so Musk gives two options without ‘no’ in response
Cuban – who has previously spoken out about his admiration for the 50-year-old maverick – was not convinced and thought it was all part of a fun, lucrative game for Musk.
He added: “Elon may have started this, but his threat to sell his shares if Twitter says no opened the door for these technology giants to go in for relatively” small “money and make a big impact on Twitter or possibly a direct path for acquisition.
“Elon will smile all the way to the bank.”
Cuban said he thought Twitter’s board would try everything in their power to prevent Musk from taking over the company.
“I think Twitter will do everything not to sell the company,” he said.
‘They will try to get a friend to come in and buy Elon’s shares and get him out.’
He added: ‘Do you want to see the whole world lose weight? Get Peter Thiel to collaborate with Elon and raise the bid on Twitter. ‘
Cuban, the owner of the Dallas Mavericks, is estimated to be worth $ 4.7 billion
On Thursday afternoon, Twitter’s CEO, Parag Agrawal, told staff that the board had not yet made a decision on Musk’s offer and did not provide any timelines.
Musk launches text message bids for the Twitter chair
According to a regulatory application, Musk launched its takeover bid in a text message to Twitter chairman Bret Taylor on Wednesday.
The text message was:
As I stated over the weekend, I believe the company needs to be private to review the changes that need to be made.
After the last days of consideration, I have decided that I want to take over the business and take it privately.
I’ll send you a quote tonight, it’s going to be public tomorrow.
Are you available to chat?
Cuban, who is worth an estimated $ 4.7 billion, has spoken highly of Musk, whose $ 219 billion fortune dwarfs even Jeff Bezos’ $ 171 billion.
“I like Elon Musk,” Cuban told The New York Post in June 2020.
‘He can be full of himself sometimes, but he’s the only entrepreneur in my lifetime who really takes on projects that most people would be afraid to try for themselves, and [he] make them work. ‘
‘The guy is a machine who gets things done and seems to have fun along the way. I admire that. ‘
He previously compared Musk to Steve Jobs and Jeff Bezos, and after a bizarre Tesla earnings call in 2018 in which Musk called analysts’ questions’ boring ‘and’ bony ‘, Cuban defended him.
‘It’s okay too [a CEO] to have an attitude, ‘Cuban told CNBC in May 2018.
‘You do not have to be vanilla all the time – it’s just life.’
Cuban added that he respects Musk as a founder who ‘puts his heart out there’.
The Texan businessman took on a problem with Musk in April 2020, when Musk called COVID lockdowns ‘fascist’.
Musk was angry at the restrictions imposed on his Tesla factory workers.
“Anything that negatively affects Tesla, Elon hates, period, the end of the story,” he said.
“You know, I do not think he has the interests of others at heart.”