Tesla CEO Elon Musk Offers To Buy Twitter For 43 Billion in cash
On Wednesday, April 13, at the Securities and Exchange Commission, Elon Masks offered $ 54.20 per share to the social media company for $ 43.4 billion.
Tesla CEO Ilon Mask has made a hostile takeover bid for Twitter, insisting it is the “best and ultimate offer” and that he is the only one who can unlock the full potential of the platform.
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In a submission to the Securities and Exchange Commission on Wednesday, April 13, Musks offered $ 54.20 per share, a social media company worth $ 43.4 billion.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Twitter’s board said it would carefully review Muska’s “unsolicited, non-binding” offer and decide on actions that would be “in the best interests of the company and all Twitter shareholders.”
Muska’s latest move to Twitter came just days after he resigned from the board after he bought a 9.2 percent stake in the microblogging platform.
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“I invested in Twitter because I believe in its potential to be a platform for freedom of expression around the world, and I believe that freedom of speech is a societal prerequisite for a functioning democracy,” Musk said in a statement.
“However, since the investment, I understand that the company in its current form will neither develop nor serve this public need,” he said.
“Twitter needs to be transformed into a private company. As a result, I am offering to buy 100% Twitter for $ 54.20 per share in cash, which is a 54% bonus the day before I started investing in Twitter.”
“Popcorn Time”
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Musk, Twitter’s biggest shareholder, said his “offer is my best and final offer” and he will reconsider his shareholder position if it is rejected.
“Twitter has tremendous potential. I’ll unlock it,” he said.
Wedbush analysts said the Twitter board is likely to be forced to accept the offer or look for another buyer.
“It’s popcorn time as we look forward to many milestones in the coming weeks as Twitter and Musks go down this marriage path,” the analysis said, and many issues are likely to vibrate around funding, regulatory aspects and balancing. Muska time among his many companies.
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Masks, the world’s richest person and more than 80 million followers on the microblogging platform, revealed last week that it had bought 73.5 million shares, or 9.2 percent of Twitter’s common stock. Twitter shares rose more than 25 percent, he said.
He was offered a seat on the board, but over the weekend he refused.
Musk decided after he asked on Twitter if the social media network was “dying” and called for users like singer Justin Bieber, who are very much followed but rarely published.
“Most of these ‘most popular’ accounts are rare and publish very little content,” wrote Tesla’s boss, signing a list of the 10 most followers with 81 million followers.
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In other weekend tweets, Musk published joke polls about removing the letter “w” from Twitter’s name and turning it into a homeless shelter in San Francisco, “because no one shows up anyway.”
He also suggested removing ads, which is Twitter’s main source of revenue.
A billionaire tech entrepreneur is a frequent Twitter user, regularly confusing annoying and controversial statements about problems or other public remarks that are strange or business-oriented.
He has also repeatedly collaborated with federal securities regulators against his use of social media following the collapse of alleged attempts to privatize Tesla in 2018.
#elon musk Offers to buy twitter for 43 billion
#elon musk Offers to buy twitter for 43 billion
Tesla CEO Elon Musk Offers To Buy Twitter For 43 Billion in cash
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(Except for the headline, this story has not been edited by News East India staff and is published from a syndicated feed.)
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