It’s still all systems go for Twitter signing off on a deal to be owned by Tesla CEO Elon Musk, at least from the social media platform’s perspective.
“Yes,” Salesforce co-CEO and Twitter Chairman Bret Taylor said on Yahoo Finance Presents when asked if the deal will close (video above). “I think Twitter is a platform has never been more relevant. And it’s a privilege to be a part of such an important platform.”
Twitter said recently in a SEC filing that its board of directors advised its shareholders to approve Musk’s $44 billion deal. However, no date for the shareholder vote has been set. When (and if) the vote happens, it would cap off a wild ride through the deal making process for Twitter.
Since revealing his stake in Twitter several months ago, Musk has behaved in typically erratic fashion. The world’s richest person first disclosed himself as a passive investor before pivoting to become an active one. He initially agreed to be on the board but changed his mind on that front, too.
And after reaching a deal to buy Twitter for $44 billion or $54.20 a share on April 25, the CEO has repeatedly shown signs he’s having second thoughts. More recently, he has pushed Twitter to disclose the number or fake accounts on the platform.
Twitter shares currently trade around $37 — well below Musk’s offer price — on fear he will walk away from the transaction. Should be do that, Wall Street thinks Twitter’s stock could fall hard.
“In the absence of a bid, we would not be surprised to see the stock find a floor at $22.50,” said Jefferies analyst Brent Thill said Tuesday in a note to clients.
Taylor — who is credited with creating Facebook’s ‘Like’ button — added that “it’s a very unusual situation. I can’t say much beyond what we send the proxy, but we’re obviously committed to closing the transaction.”
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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