Elon Musk : après avoir suspendu la vente de Twitter, le milliardaire élabore ce plan "machiavélique"

Elon Musk : après avoir suspendu la vente de Twitter, le milliardaire élabore ce plan “machiavélique”

The takeover of Twitter by the eccentric billionaire Elon Musk is full of twists and turns. After announcing the suspension of the sale due to doubts about the number of fake accounts present on the social network, Musk seems to have drawn up a plan, with a very specific goal: that of acquiring Twitter much cheaper. Explanations.

The famous 5%

What is Elon Musk playing with Twitter? The billionaire wields the tweet like a weapon. After announcing its acquisition for 44 billion dollars, it took two steps back on the networks. The first to announce that the sale was “on hold”, due to doubts about the number of fake accounts present on the social network. The second, more alarming, stipulating that the transaction could be aborted if there were no guarantees since.

As a reminder, the boss of Tesla or even Space X pressed the pause button, in order to verify that fake accounts represented far less than 5% of the 229 million active users on the social network. A figure that is actually much lower according to the New York Times. Twitter in person wrote having ” applied significant judgment ” to set the number of fake accounts on its platform at 5%, and announces that their “actual number could be higher than its estimate“.

The tech giant’s tweets have, in any case, caused a stock market earthquake, since the Twitter share price has plunged. The title traded on Monday at 37.4 dollars, far from the 54.2 dollars per share that Elon Musk proposed in his takeover offer. But in reality, this whole story could actually be a subterfuge led by the billionaire to acquire the social network cheaper. How ?

A skillful maneuver

Indeed, 2 specific points cast doubt on the billionaire’s maneuver. First of all, variety note that the 5% of fake accounts had already been listed on Twitter’s filings with the SEC (Securities and Exchange Commission) since the company went public nine years ago. Thus, Musk should have known about it beforehand, and asked for verification before issuing his purchase offer.

Moreover, its requested verification method is based on a random sample of only 100 accounts, odd.

But in reality, this maneuver would consist, firstly, in to derail the sale, then to prove that the number of real “monetizable” users is lower than that officially communicated by Twitter. So the tech mogul could pay less than the initial $43 billion to acquire the social network.

For his part, ” Wall Street will now deem the deal either about to fall through, or that it’s an attempt by Musk to negotiate a lower purchase price “, announces the analyst of the investment company Wedbush Securities.

3 point mounting

At the top of this maneuver, Musk has worked out a whole financial package advantageous to him in order to secure the sale. Indeed, the billionaire based himself on traditional borrowings from banks and investors, on loans secured on Tesla shares, but also on the direct sale of Tesla shares for up to $21 billion.

A montage created from scratch for the boss of Tesla and SpaceX by its partner banks would create a debt for Twitter from which the company would have all the difficulty in the world to extract itself.

It’s just a bad capital structure to tackle a business like Twitter, which has never really proven to be profitable, explains John McClain, portfolio manager for Brandywine Global Investment Management. It’s been a listed company for a while, and it never seems to have really figured out how to monetize its audience.”

A case set to last?

However, not everything is so simple. And Musk takes certain risks in the development of this assembly. Indeed, the agreement concluded between him and Twitter provides a billion dollar break fee in the event of a withdrawal. In addition, the contract includes a “specific performance clause” which would imply that the billionaire is obliged to follow through on his commitment if its financing plan remained viable, specifies the New York Times.

So here’s a deal that looks set to last for a while. We expect more twists, as well as new tweets from the billionaire to try to tip the scales in his favor. Stay tuned, up close. Less subtle, this recent poo emoji addressed to the current boss of Twitter.

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