![]() ![]() Saudi Prince Alwaleed bin Talal said he rejects Musk's offer as not coming “close to the intrinsic value” of Twitter given its growth prospects. New York time, about 84% of respondents said yes.Īt least one investor has been vocal. Musk asked in a Twitter poll after the market closed Thursday if the offer should be up to shareholders and not the board. The $423.9 million added from retail traders since the disclosure of his stake, for instance, equals about 1.2% of Twitter's current market value. But he would need to galvanize institutional holders along with the retail army. That could mean if Twitter's board rejects his offer, he might consider going hostile, and ask shareholders directly if they want to accept his bid. securities filing Thursday that $54.20 is his final price, saying “I am not playing the back-and-forth game.” Musk said at a TED event Thursday that he's not sure he'll “actually be able to acquire” the company, while noting that he has a Plan B for his offer. “The changes that he wants to make to Twitter will be good for shareholders, so I trust that he will persist.” ![]() “There is way more value to be unlocked and Elon believes the stock is worth way more than $54. He bought 10,000 shares on Thursday morning after Musk's takeover bid. Retail trader Patrick Questembert, 57, has long used Twitter to read news, connect with other investors and understand market conditions. On the same day, the one word “Gamestonk!!” helped send shares in GameStop Corp. Musk has a history of moving markets via the platform, where he has more than 80 million followers and is one of its biggest personalities.ĭuring the height of the meme-stock trading frenzy in January 2021, Etsy Inc.'s value jumped by more than $2 billion after Musk said he “kinda” loved the company. Twitter's stock fell 1.7% Thursday to $45.08, well below his $54.20 proposal.īut day traders and Musk fans have heightened interest in the billionaire's movements, mostly because they've witnessed his influence before, and could potentially make Twitter into a so-called meme stock. Institutional investors - who would be the key to success for any Musk offer taken directly to shareholders - reacted less favorably to the bid. “He's made them a huge amount of money over the years.” “Retail will follow Elon to the gates of hell and back,” said Nick Colas, co-founder of DataTrek Research. As of the end of trading Wednesday, they had pushed $423.9 million into the stock since the disclosure. Retail traders had already fueled record Twitter trading volume on April 4, the day Musk reported his 9% stake in the company. ![]()
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