In a statement Mask on securities with the disclosure of the application on Thursday morning was a script of the text he sent to the company. In it, he said, “It’s a high price, and your shareholders will enjoy it.”
At least one prominent investor, however, said supply was too low market reaction seemed to agree. Saudi Arabia’s Prince Al-Walid bin Talal has said the deal “does not come close to intrinsic value” on a popular social networking platform.
Speaking at a TED conference later Thursday, Musk said he was not sure he would “actually be able to buy it”. He added that his intention was also to retain “as many shareholders as the law allows” and not to retain sole ownership of the company.
Shares of Twitter fell 1.7 percent in New York on Thursday, reflecting market sentiment that the deal is likely to be rejected or fail.
Musk first revealed his stake in Twitter on April 4, making him the largest individual investor. At a TED conference, he revealed that he has a plan B if the Twitter board rejects his offer. He declined to give details. But in his statement earlier in the day, he said he would rethink his investment if the application failed.
“If the deal doesn’t work, given that I don’t trust the management and I don’t believe I can make the necessary changes in the public market, I will need to reconsider my position as a shareholder,” Musk said.