It seems more buyers are now interested in making bids to buy Twitter after Elon Musk put the company in the spotlight.
With Elon Musk making headlines after his new proposal to buy the entire Twitter with a massive $43 billion bid, another buyer is reportedly working on a potential bid.
The New York Post reported:
Private equity giant Thoma Bravo is working on a possible bid for Twitter, a source close to the situation told The Post — setting up what could be a rival to Elon Musk’s offer for the embattled social network.
“They are making a push,” the source said of the private-equity firm that already owns tech names including McAfee and Landesk.
It’s not clear how much Thoma Bravo might bid or when it might make an offer. The firm has an internal team working on the potential transaction, the source familiar with the matter told The Post.
“You are not far off,” a second source close to the situation said when asked by The Post if Thoma Bravo was working on a possible bid for Twitter.
Thoma Bravo could be a white knight for the company and CEO Parag Argawal, one of the sources said.
The Wall Street Journal also reported:
“Asset manager Vanguard Group recently upped its stake in the social-media platform and is now the company’s largest shareholder, bumping Mr. Musk out of the top spot. Vanguard disclosed on April 8 that it now owns 82.4 million shares of Twitter, or 10.3% of the company, according to the most recent publicly available filings with the U.S. Securities and Exchange Commission.”
On Thursday, Musk gave a TED Talk where he addressed matters involving his attempts to buy the company, including his backup plan in case the move fails.
Musk was asked:
“If in this case you are not successful in that the board does not accept your offer, you’ve said you won’t go higher, is there a plan B?”
“There is,” Musk responded while smiling.
When asked what his backup plan is, Musk said he would discuss that at another time.
Q: “If in this case you are not successful, you know, the board does not accept your offer, you’ve said you won’t go higher. Is there a plan B?”
— The Post Millennial (@TPostMillennial) April 14, 2022
Musk said during the event:
“I think it’s very important for there to be an inclusive arena for free speech. Twitter has become kind of the de facto town square, so it’s really important that people have both the reality and perception that they’re able to speak freely within the bounds of the law.”
In order to stop “behind the scenes manipulation” on the platform by the company, Musk suggested that Twitter needed to make its algorithm open sourced and that any action the company takes against tweets needs to be thoroughly explained to the public.
“It’s important to the function of democracy, it’s important to the function of the United States as a free country and many other countries, and to help freedom in the world more broadly than in the U.S.,” Musk said. “Civilizational risk is decreased the more we can increase the trust of Twitter as a public platform, and so I do think this will be somewhat painful.”
“My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” Musk said. “I don’t care about the economics at all.”
Futher, Twitter’s manipulation on selective free speech using secret algorithms can be “quite dangerous.”