How Twitter became X.pdf
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The saga of how Twitter became X - A satirical approach
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How Twitter became X.pdf
- 1. FREADERS | S A N D E S H B A N G E R The saga of how Twitter became ‘X’ A Satirical Approach
- 2. FREADERS | S A N D E S H B A N G E R Nobody took Elon Musk seriously when he floated two holding companies last year called “X Holdings I” and “X Holdings II” in order to acquire Twitter.
- 3. FREADERS | S A N D E S H B A N G E R Elon Musk X Holdings I X Holdings II Twitter Acquisition Sub 100% Target Acquirer Merger in progress
- 4. FREADERS | S A N D E S H B A N G E R It was part of a reverse triangular merger – a popular way of acquiring another company.
- 5. FREADERS | S A N D E S H B A N G E R In this, owner floats multiple companies & executes a reverse merger (target consumes acquirer or it’s subsidiary) This ensures owner’s shareholding as well as the target’s assets are secured. Follow picture in the next slide Notice the Triangle (3 companies)
- 6. FREADERS | S A N D E S H B A N G E R Elon Musk X Holdings I Twitter 100% Target Acquirer Post-merger Reverse Triangular Merger Elon Musk X Holdings I X Holdings II Twitter Acquisition Sub 100% Target Acquirer Reverse Merger in progress
- 7. FREADERS | S A N D E S H B A N G E R Holding companies are, in essence, paper companies. It doesn’t matter what you call them. They have no real operations. They are created to hold shares of other companies. In turn, they help keep the shareholding structure clean.
- 8. FREADERS | S A N D E S H B A N G E R Yes, this is what people thought and thus laughed off the names of the two holding companies. Elon could have very well called them XYZ Holdings .. who cares?
- 9. FREADERS | S A N D E S H B A N G E R But Elon does. Little did anyone know Elon would take the joke seriously. And that’s how you got ‘X’. Yes, Twitter is now ___ Join today
- 10. FREADERS | S A N D E S H B A N G E R Apparently, the Holding Companies were deliberately called
- 11. FREADERS | S A N D E S H B A N G E R Learning Outcomes: 1) Reverse Triangular Merger 2) Twitter deal structure 3) Holding company 4) Some fun
- 12. FREADERS | S A N D E S H B A N G E R 1) Learn business finance from real data & transactions 2) Build a habit of reading (business articles) 3) Stay abreast with the world Join FREADERS newsletter