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Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk sprang a surprise early Thursday by disclosing in an amended filing that he is making an offer to Twitter, Inc.'s (NYSE:TWTR) board to take the company private.
The Tesla Analyst: Wedbush analyst Daniel Ives maintained an Overweight rating and $1,400 price target for Tesla shares.
The Tesla Takeaways: Musk's $54.20 per share offer to take Twitter private is a "historic move" and starts a "Game of Thrones" with Twitter and its board, Ives said in a note.
"Now ultimately we believe this soap opera will end with Musk owning Twitter after this aggressive hostile takeover of the company," the analyst said.
The analyst sees less likelihood of any other bidders or a consortium emerging. Twitter's board will be forced to accept Musk's bid and/or run an active process to sell the social media platform, he said.
Related Link: Stock Wars: Twitter Vs. Meta Platforms
There could be questions, Ives said, regarding financing of the deal, regulatory approval and balancing of Musk's time between Twitter and his other ventures. Based on details from the filing, it is a "now or never bid" for Twitter to accept, the analyst said.
Ives said he expects Twitter's board to officially review Musk's filing and letter. There could be many twists and turns in the coming weeks before the potential culmination of the deal, the analyst said.
TSLA Price Action: In premarket trading on Thursday, Tesla shares were down 1.68% at $ 1,005, while Twitter was adding 6.85% to $48.99, according to Benzinga Pro.
Related Link: Where Will Tesla Stock Be In 2030? Analyst Weighs In
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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