Published , by Donovan Erskine
Published , by Donovan Erskine
Elon Musk dominated online conversations last week when he offered to acquire Twitter (TWTR) for $43 billion, just days after we learned that he would no longer be joining the company’s board of directors. It’s been a point of debate as to whether or not Musk’s offer is enough to actually go through, and a potential new partner may be looking to up the ante. Apollo Global is reportedly considering joining Elon Musk in attempting to acquire Twitter.
It was first reported by the Wall Street Journal that buyout firm Apollo Global was potentially looking to join forces with Elon Musk to increase the bid for Twitter. According to the report, Apollo Global would provide equity for a buyer, like Musk, as it doesn’t want to be a part of a private consortium.
The WSJ report also states that Twitter is likely to reject Elon Musk’s current $43 billion offer. With financial support from a body like Apollo Global, Musk might be able to beef up his offer and force Twitter’s hand. Interestingly enough, it also states that Apollo Global is willing to financially assist Musk, as well as another potential buyer. It would be interesting to see if another name steps up to potentially acquire the social media platform.
It’s been an interesting series of events ever since Elon Musk acquired a 9.2 percent stake in Twitter. Originally expected to join the company’s board of directors, that arrangement ended up falling apart. Then, Musk offered to acquire the social media company in its entirety for $43 billion, which is not likely to be accepted. Now, Musk may put further pressure on Twitter executives with a potential team up with Apollo Global. We’ll continue to follow the ongoing situation at Twitter and report it here on Shacknews.