Elon Musk offers to buy 100% of Twitter at $54.20 per share
Musk sent a letter to Twitter Chairman Bret Taylor offering to buy the entire company.
Barstool Sports founder Dave Portnoy feels Tesla CEO Elon Musk has Twitter "by the balls" after making an offer to purchase the social media juggernaut and take it private.
Musk’s best and final offer was to pay $54.20 per share for 100% of Twitter, and said that if his offer was not accepted he’d have to reconsider his position as a shareholder, according to an SEC filing. Portnoy, an avid Twitter who often livestreams himself offering his views on Wall Street, took to the platform with thoughts on Musk’s offer.
Barstool Sports founder Dave Portnoy feels Tesla CEO Elon Musk has Twitter "by the balls" after making an offer to purchase the social media juggernaut and take it private. (The Dave Portnoy Show With Eddie & Co/Youtube)
ELON MUSK OFFERS TO BUY TWITTER, TAKE IT PRIVATE
"So Elon offered 41 billion to buy all of Twitter. Now the Board decides if they want to sell it to him? It’s a no brainer offer and they’d all make a sh-t ton. The only reason to say no is cause they don’t like him right? Do I have that right? And if they say yes then everybody who owns any twitter stock basically gets cashed out at 54.20 a share and it all goes to Elon," Portnoy wrote. "That’s wild."
The Barstool Sports founder then followed up, "So maybe it’s not that great an offer. Maybe the Twitter board thinks they are smarter than Elon and can get it to 75 a share. But if they don’t sell the stock price is gonna crash I think. Elon has em by the balls."
Elon Musk’s offer to buy Twitter caught the attention of Barstool Sports founder Dave Portnoy.
In a video posted to Twitter, Portnoy – whose bio says "don’t trust anything I say about stocks" – told his 2.7 million followers that investing in the company right now means gambling on Musk.
"If you think that Elon Musk is eventually going to get control of Twitter, you should but the stock right now… if he doesn’t get it, it’s going to go down 10%. There it is, you’re betting on Elon," Portnoy said. "Does he actually have his mind set, his heart set now on owning Twitter? If he does, but it. If you think he’s just going to f-ck with these people now because he doesn’t like them, he’s gonna tank the stock and go get something else, maybe a competitor, sell. I convinced myself, I don’t want any part of it."
Musk recently disclosed a 9.2% stake in Twitter, but he rejected an offer to join its board of directors and criticized the social media platform in tweets. He wrote in the filing that he'd want to "transform" the social media platform as a private company.
In 2020, Musk urged Portnoy to run for office in response to a coronavirus video rant the Barstool founder posted on Twitter questioning when businesses would be allowed to reopen. Portnoy’s viral video picked up over 7 million views in two days, and Musk was a big fan.
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"Well said! Please run for office," Musk wrote. "The politicians & unelected bureaucrats who stole our liberty should be tarred, feathered & thrown out of town!"
Portnoy didn't run for office but sold "Portnoy/Musk 20204" shirts on Barstool's website.
Fox Business’ Stephen Sorace contributed to this report.