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Tom Brady wants a favor from Elon Musk if he buys Twitter

Tom Brady is still haunted by his NFL combine photo 22 years later.

On Thursday, the Buccaneers quarterback tweeted at billionaire Tesla CEO Elon Musk to ask: “If you buy twitter can you delete the combine photo?”



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Entire article: https://nypost.com/2022/04/14/tom-brady-wants-a-favor-from-elon-musk-if-he-buys-twitter/

:lol:
 
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Jack Dorsey's '$2.9M' NFT Tweet Auction Brings Top Bid of $280
The seller was after $50 million. After initially hitting a top bid of $280, the auction was extended past its deadline.
https://www.cnet.com/personal-finance/crypto/jack-dorseys-2-9m-nft-tweet-auctioned-the-top-bid-280/
If you observe NFTs only through headlines, it's easy to only see the big wins. CryptoPunks, the first NFT collection, was free to mint in 2017, and now are sold for above $150,000. People who spent $250 on a Bored Ape Yacht Club a year ago are now holding onto an NFT that can easily be sold for over $300,000. But as with every speculative market, there are losses in the NFT world. Lots of them.

Exhibit A: Last year crypto entrepreneur Sina Estavi bought Twitter cofounder Jack Dorsey's first tweet as an NFT for $2.9 million. Last Wednesday Estavi put the tweet on a 7 day auction, tweeting that he would donate half of the expected $50 million sale to charity. When the auction ended, the highest bid was $280 (0.09 ether), CoinDesk reported.

The way NFT marketplace OpenSea works, Estavi can choose to either accept or reject the bids. He said he's open to more bids (which feels like it's not how auctions should work) and the top bid is now $4,631 (1.5 ether).

The auction process evidently isn't over and there's still time for last-minute bids to come through and push the price up dramatically -- it's already gone up over 10x from the end-of-auction bid of $280. But to put it likely, it seems unlikely that it'll reach $2.9 million, much less the $50 million Estavi hoped for.

"The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it," Estavi told CoinDesk before re-opening the auction. Estavi was contacted for comment but did not immediately respond.

For the majority of people, who are confounded by the success of nonfungible tokens, Dorsey's tweet sale is perhaps the apex of bewilderment. NFTs are to digital assets what deeds are to a house: It's not the asset itself, it's a receipt that proves ownership. That may make sense for an NFT created by an artist and sold to a punter, but makes far less sense for a tweet. If Dorsey deletes the tweet, or if Twitter pulls it, the NFT would be for an asset that no longer exists.

Those hoping that this presages the end of NFTs may be disappointed, though. Over $2.4 billion-worth of nonfungible tokens were traded on OpenSea last month. OpenSea's volume last April, when Estavi initially bought the NFT, was $96 million.

Many blockchain proponents have argued that the current state of NFTs -- predominantly bought and sold as status symbols among the crypto rich -- is the first phase of the technology. They liken it to the internet of the late '90s: Just as much a proof of concept as a utility. While no one knows what the next phase of the technology is, most are looking towards the metaverse where already millions are being spent on land and items.
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In case anyone didn't think Elon Musk was serious about buying Twitter:

Elon Musk says he has secured the money to buy Twitter

Elon Musk says he's secured money for his bid to take Twitter private and is considering making his pitch directly to shareholders.

Musk, who recently became the social media company's largest individual investor, told Twitter's board last week he wanted to buy the entire company but didn't say how he would pay for it.

Now, in a new filing with the Securities and Exchange Commission, the billionaire Tesla CEO said he's lined up $46.5 billion to fund his offer of $54.20 a share.

Morgan Stanley, Bank of America, and several other banks have promised to lend $25.5 billion, backed in part by some of Musk's Tesla shares, according to the filing.

Musk, who is the richest person in the world, says he will cover the remaining $21 billion himself. Most of his wealth is tied up in Tesla and SpaceX, the rocket company he also runs.

Musk also said in his filing that Twitter has not formally responded to his unsolicited offer. He "is seeking to negotiate a definitive agreement for the acquisition of Twitter," the filing said, "and is prepared to begin such negotiations immediately."

Given the lack of response, the filing said, Musk is exploring whether to appeal directly to Twitter investors with a tender offer to buy their shares for $54.20 a piece. Musk has been cryptically hinting at this prospect, tweeting "Love Me Tender," the name of an Elvis Presley song, and apparently referencing F. Scott Fitzgerald's novel Tender Is the Night.

Entire article: https://www.npr.org/2022/04/21/1094020022/elon-musk-twitter-money

It will be interesting to see how this plays out.

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ScriptOhio said:
In case anyone didn't think Elon Musk was serious about buying Twitter:

Elon Musk says he has secured the money to buy Twitter

Elon Musk says he's secured money for his bid to take Twitter private and is considering making his pitch directly to shareholders.

Musk, who recently became the social media company's largest individual investor, told Twitter's board last week he wanted to buy the entire company but didn't say how he would pay for it.

Now, in a new filing with the Securities and Exchange Commission, the billionaire Tesla CEO said he's lined up $46.5 billion to fund his offer of $54.20 a share.

Morgan Stanley, Bank of America, and several other banks have promised to lend $25.5 billion, backed in part by some of Musk's Tesla shares, according to the filing.

Musk, who is the richest person in the world, says he will cover the remaining $21 billion himself. Most of his wealth is tied up in Tesla and SpaceX, the rocket company he also runs.

Musk also said in his filing that Twitter has not formally responded to his unsolicited offer. He "is seeking to negotiate a definitive agreement for the acquisition of Twitter," the filing said, "and is prepared to begin such negotiations immediately."

Given the lack of response, the filing said, Musk is exploring whether to appeal directly to Twitter investors with a tender offer to buy their shares for $54.20 a piece. Musk has been cryptically hinting at this prospect, tweeting "Love Me Tender," the name of an Elvis Presley song, and apparently referencing F. Scott Fitzgerald's novel Tender Is the Night.

Entire article: https://www.npr.org/2022/04/21/1094020022/elon-musk-twitter-money

It will be interesting to see how this plays out.

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Twitter set to accept Musk's $43 billion offer
By Greg Roumeliotis
https://www.reuters.com/technology/...pt-musks-best-final-offer-sources-2022-04-25/
NEW YORK, April 25 (Reuters) - Twitter Inc (TWTR.N) is poised to agree a sale to Elon Musk for around $43 billion in cash, the price the CEO of Tesla has called his "best and final" offer for the social media company, people familiar with the matter said.

Twitter may announce the $54.20-per-share deal later on Monday once its board has met to recommend the transaction to Twitter shareholders, the sources said, adding it was still possible the deal could collapse at the last minute.

Musk, the world's richest person according to Forbes, is negotiating to buy Twitter in a personal capacity and Tesla (TSLA.O) is not involved in the deal.

Twitter has not been able to secure so far a 'go-shop' provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added.

The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.

Twitter shares were up 4.5% in pre-market trading in New York at $51.15.

Musk, a prolific Twitter user, has said it needs to be taken private to grow and become a genuine platform for free speech.

The 50-year-old entrepreneur, who is also CEO of rocket developer SpaceX, has said he wants to combat trolls on Twitter and proposed changes to the Twitter Blue premium subscription service, including slashing its price and banning advertising.

The billionaire, a vocal advocate of cryptocurrencies, has also suggested adding dogecoin as a payment option on Twitter.

He has said Twitter's current leadership team is incapable of getting the company's stock to his offer price on its own, but stopped short of saying it needs to be replaced.

"The company will neither thrive nor serve this societal imperative in its current form," Musk said in his offer letter last week.

Up to the point Musk disclosed a stake in Twitter in April, the company's shares had fallen about 10% since Parag Agrawal took over as CEO from founder Jack Dorsey in late November.

The deal, if it happens, would come just four days after Musk unveiled a financing package to back the acquisition.

This led Twitter's board to take his offer more seriously and many shareholders to ask the company not to let the opportunity for a deal slip away, Reuters reported on Sunday. Before Musk revealed the financing package, Twitter's board was expected to reject the bid, sources had said. read more

The sale would represent an admission by Twitter that Agrawal is not making enough traction in making the company more profitable, despite being on track to meet ambitious financial goals the company set for 2023. Twitter's shares were trading higher than Musk's offer price as recently as November.

Musk unveiled his intention to buy Twitter on April 14 and take it private via a financing package comprised of equity and debt. Wall Street's biggest lenders, except those advising Twitter, have all committed to provide debt financing.

Musk's negotiating tactics - making one offer and sticking with it - resembles how another billionaire, Warren Buffett, negotiates acquisitions. Musk did not provide any financing details when he first disclosed his offer for Twitter, making the market skeptical about its prospects.
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Musk told banks he will rein in Twitter pay, make money from tweets -sources
By Krystal Hu and Anirban Sen
https://www.reuters.com/business/mu...ter-pay-make-money-tweets-sources-2022-04-29/
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April 29 (Reuters) - Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc (TWTR.N) that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetize tweets, three people familiar with the matter said.

Musk made the pitch to the lenders as he tried to secure debt for the buyout days after submitting his offer to Twitter on April 14, the sources said. His submission of bank commitments on April 21 were key to Twitter's board accepting his "best and final" offer.


Musk had to convince the banks that Twitter produced enough cash flow to service the debt he sought. In the end, he clinched $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla Inc (TSLA.O) stock. He agreed to pay for the remainder of the consideration with his own cash.

Musk's pitch to the banks constituted his vision rather than firm commitments, the sources said, and the exact cost cuts he will pursue once he owns Twitter remain unclear. The plan he outlined to banks was thin on detail, the sources added.


Musk has tweeted about eliminating the salaries of Twitter's board directors, which he said could result in about $3 million in cost savings. Twitter's stock-based compensation for the 12 months ending Dec. 31, 2021 was $630 million, a 33% increase from 2020, corporate filings show.

In his pitch to the banks, Musk also pointed to Twitter's gross margin, which is much lower than peers such as Meta Platforms Inc's (FB.O) Facebook and Pinterest (PINS.N), arguing this leaves plenty of space to run the company in a more cost-efficient way.


The sources requested anonymity because the matter is confidential. A Musk representative declined to comment.

Bloomberg News reported earlier on Thursday that Musk specifically mentioned job cuts as part of his pitch to the banks. One of the sources said that Musk will not make decisions on job cuts until he assumes ownership of the company later this year. He went ahead with the acquisition without having access to confidential details on the company's financial performance and headcount.


Musk told the banks he also plans to develop features to grow business revenue, including new ways to make money out of tweets that contain important information or go viral, the sources said.

Ideas he brought up included charging a fee when a third-party website wants to quote or embed a tweet from verified individuals or organizations.

In a tweet earlier this month he subsequently deleted, Musk suggested a raft of changes to the social media giant's Twitter Blue premium subscription service, including slashing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin. Twitter's premium Blue service now costs $2.99 a month.


In another tweet he deleted, Musk said he wants to reduce Twitter's dependence on advertising for much of its revenue.

Musk, whose net worth is pegged by Forbes at $246 billion, has indicated he will support the banks in marketing the syndicated debt to investors, and that he may unveil more details of his business plan for Twitter then, the sources said.

Musk has also lined a up a new chief executive for Twitter, one of the sources added, declining to reveal the identity of that person. He told Twitter's chairman Bret Taylor earlier this month that he does not have confidence in the San Francisco-based company's management. Parag Agrawal, who was named Twitter's chief executive in November, is expected to remain in his role until the sale of the company to Musk is completed.

Musk has been inundated with offers from potential equity partners to join him in the Twitter deal, and he will decide in the coming weeks if he teams up with someone, one of the sources said. It is unlikely that Musk would partner with a private equity firm given that the deal is not structured as a traditional leveraged buyout, the source added.


Musk disclosed this week that he sold $8.5 billion worth of Tesla shares, a move likely aimed at helping finance his deal for Twitter. [nL2N2WR04A]

The Tesla chief executive also told the banks he will seek moderation policies on the social media platform that are as free as possible within the legal constraints of each jurisdiction Twitter operates, the sources said, a position that he has repeated publicly.


The $13 billion Twitter loan is equivalent to seven times Twitter's 2022 projected earnings before interest, taxes, depreciation and amortization. This was too risky for some banks who decided to participate only in the margin loan, the sources said.

Another reason some banks opted out is because they feared Musk's unpredictability could result in an exodus of talent from Twitter, harming its business, according to the sources.


A Twitter spokesperson did not respond to a request for comment.
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Twitter’s ‘chief censor’ making $17M per year could be fired by Elon Musk

Twitter’s chief lawyer — seen as the social network’s top advocate for censoring conservatives — is among the highly paid executives who stand to lose their job if Elon Musk completes his takeover of the company.

Vijaya Gadde, who earned $17 million last year as Twitter’s top legal counsel, could be on the chopping block as Musk is reportedly planning to slash jobs and reduce executive pay as he looks to secure financing for his Twitter bid.

After disclosing plans to acquire the company earlier this month, Musk expressed “no confidence” in Twitter’s current management — which doesn’t bode well for their future once he takes the helm later this year.

Nevertheless, Gadde also stands to win a nice consolation price if she’s fired: a severance package worth $12.5 million that includes the accelerated vesting of a trove of Twitter shares she has accrued.

The 48-year-old Gadde, who reportedly broke down in tears when addressing colleagues about the future of Twitter, has become a lightning rod for controversy in recent days due in no small part to Musk himself, who tweeted a meme that painted her as oblivious to a “liberal bias” at Twitter.
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In response to the flood of online criticism directed at Gadde earlier this week, another top Twitter executive defended her and accused Musk of “misogyny.”

Entire article: https://nypost.com/2022/04/29/twitters-chief-censor-making-17m-per-year-could-be-fired/

Yeah, I'd break down in tears too if I was about to lose a $17M ....
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....a year job......:nod:
 
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ScriptOhio said:
Yeah, I'd break down in tears too if I was about to lose a $17M ....
d54wow.gif
....a year job......:nod:
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With that much money in the bank and 12.5M severance the tears were probably more about what is going to happen to Twitter when you take of the fake news training wheels. Just imagine the crazy shit that both wings are going to be putting out there if they get rid of oversight on Twitter. If I had brought in 30-50M over the past few years I'd be more than happy to find a nice plot of land off the grid and watch the world burn.
 
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