Twitter and Musk, Monday Reversal, Treasuries, Energy’s Hammer, Kohl’s Cash-Out?
In just a few weeks time, the Tesla CEO purchased a large stake in Twitter, was offered a seat on the company’s board, refused that seat… preferring instead to be a “passive” investor, and then launched an unsolicited bid for the company. Twitter responded to that bid by initially implementing a “poison pill” that would limit Musk’s ability to further build his ownership stake. It didn’t hurt that the board also reportedly received a number of calls from large shareholders over the weekend asking why they were fighting what was basically an offer of $54.20 per share, which is a 38% premium over where Twitter’s stock closed on April 1, which was the day prior to the day that Musk filed the paperwork revealing his 9%+ stake in the firm.
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