BX

Blackstone Inc.

92.83
USD
1.75%
92.83
USD
1.75%
86.97 149.78
52 weeks
52 weeks

Mkt Cap 64.15B

Shares Out 691.09M

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Elon Gets The Greenlight

After a full week of racket and rumors, it seems the reigns to the world’s largest speech platform may be in play. In one of the most highly anticipated acquisitions in history, Elon Musk offered Twitter’s top brass a “best and final” buyout price of $54.20 per share—$43 billion total and 54% more than what the company was worth before he bought a 9% stake last month. In an announcement yesterday afternoon, Twitter’s board accepted the billionaire’s offer, saying: Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company. Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of common stock they own upon the closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, the last trading day before Musk disclosed his approximately 9% stake in Twitter. Bret Taylor, Twitter’s independent board chair, said: The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders. In other words, the American free enterprise machine is alive and well. And while many proponents of the social media platform are up in arms over Elon’s purchase, shareholders rejoice in the 38% premium to be paid shortly. Money talks. The closing, which has been unanimously approved by Twitter’s board of directors, is expected to close by year-end, subject to the approval of shareholders, the receipt of relevant government approvals, and the fulfillment of other customary closing conditions. We will continue to follow the fray of this transaction, and in the meantime, we’ll just say, “Well done, Elon. Well done.” More Non-REIT News to Know About Dogecoin to the Moon Sorry, had to do it. Following the news of Twitter’s buyout approval, Musk’s (the Doge Father) chosen cryptocurrency shot up nearly 23% from $0.12 to $0.17 per coin. Dogecoin, the OG meme token, was minted based on the 2013 Internet meme “doge” and was created in jest in the same year. It gained popularity last year after the Tesla CEO endorsed it and continued hyping the cryptocurrency on social media and during his infamous Saturday Night Live performance. Of course, I would never advise anyone to invest in an asset based on the impulse of some eccentric entrepreneur, but it’s fun to watch the world react to a little mayhem in the modern tech sphere. The World According to REITs Blackstone in a Buying Frenzy It seems Blackstone (BX), one of the more massive management companies in the American investment machine, has its sights set on suffering REITs to extend its private equity portfolio. The investment juggernaut, which already owns its own REIT, Blackstone Real Estate Income Trust, is pursuing private takeovers as the public market valuations for REITs have fluctuated since COVID. Blackstone President Jonathan Gray explained his rationale, telling The Financial Times the public REIT market is “not necessarily reflective of what’s happening at any one time in real estate.” Since the start of the pandemic, Blackstone has taken four real estate companies private, including a $6.3 billion deal to acquire Extended Stay America (ESH) and a $12.8 billion takeover of American Campus Communities (ACC). And as of just yesterday, the Wall Street Journal reported that the firm agreed to buy PS Business Parks (PSB), a suburban office REIT, in a deal valued at $7.6 billion. If this isn’t proof positive that REITs are gaining record attention, I don’t know what is. When you see such aggressive acquisitions from a company like Blackstone, you know there’s something to the state of this market.

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