Elon Musk May Have New Competition In His Bid To Buy Twitter
Harry Wilmerding on April 19, 2022
Private equity giant Apollo Global Management is discussing plans to enter the Twitter bidding war, The Wall Street Journal reported.
Apollo said it would consider participating in a potential Twitter bid by offering debt or equity financing to partners, including Tesla chief executive officer Elon Musk and the private equity firm Thoma Bravo LP, the WSJ reported, citing people familiar with the matter.
Apollo has also considered a partnership between Yahoo, which it owns, and Twitter, the WSJ reported, though the plan is far from definite.
Musk offered to buy Twitter for $43 billion on April 14, a deal that the Twitter board will most likely reject, the WSJ reported. Twitter implemented a limited duration shareholder rights plan, more commonly known as a “poison pill,” to keep away potential bidders.
Investment firm founded by Epstein-funder Leon Black considering buying Twitter. https://t.co/CRaweoxNtQ
— Eric Garland (@ericgarland) April 18, 2022
Musk became Twitter’s largest shareholder on March 14 after purchasing a 9.2% stake in the technology company. The world’s richest man then decided not to join the company’s board on April 11 after initially saying he would.
If Musk purchases more than 15% of the company, the “poison pill” will give current shareholders the opportunity to buy Twitter’s stock at a substantial discount, reducing the value of Musk’s ownership.
Musk would most likely need to partner with a private equity firm if he wants to buy Twitter because the majority of his wealth is tied up in Tesla stock rather than cash, the WSJ reported.
Apollo is one of the country’s largest private equity firms that manages roughly $500 million, the WSJ reported. The company is best known for buying up large companies, primarily in the media and insurance industries.
Twitter and Apollo Global Management did not immediately respond to the Daily Caller News Foundation’s request for comment.
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