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This is weird to me. Something doesn't add up with all of this.
The SEC suit mentioned something like ~$150m which ended being like 19¢ a share. That is small enough to easily be an error. But Musk bought it for $54.20/share, so the price "would have been" $54.39/share.
In a takeover bid, the offer is usually a direct offer to senior management/board as the largest shareholders. We know that they attempted a poison pill (basically it allows existing shareholders to purchase new shares at a discount, effectively diluting the ownership percent and driving the takeover bid price up). But that's where it gets murky.
There either wasn't enough interest in Twitter for the poison pill, or something else we don't know changed the mind of the board to sell it to Musk.
What I don't get is how Musk managed complete ownership at the price of $54.20. Was there not a single shareholder that didn't want to sell? Did the poison pill purposely scrap the shareholder rights of shareholders forcing them to all sell?
Who fucked up? Did Musk really try to save 0.3% on purchase of a company? Did the board and management agree that it was a sinking ship anyway and used the poison pill to abandon ship?
Who profited from the sale? Certainly not Musk, it was valued 65% lower in 2023. He also bought it for the propaganda tool it was. We know that.
What is it that we aren't seeing? They aren't saying? What really transpired in the bid?
What is missing is that the SEC has just been taken over by DOGE.
https://www.bloomberg.com/news/articles/2025-03-28/musk-s-doge-staffers-arrive-at-sec-to-hunt-for-spending-cuts