Elon Musk offers to buy Twitter for $43 billion


After deciding not to join the Twitter’s board, Elon Musk, the CEO of Tesla and SpaceX, has offered to purchase all of Twitter for $54.20 per share that is valued at $43 billion. This is according to the letter filed with the SEC. This comes after he purchased 9.2% of the company earlier in the month and was offered to join the Twitter’s board.

Twitter’s shares soared over 12% on Thursday after the news. Twitter had its biggest day since its IPO in 2013, surging more than 27% after Musk’s investment was announced last week.

According to the letter from Elon Must to Bret Taylor, Chairman of the Twitter Board, filed at the SEC, he said:

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

However, since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.

As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.

Twitter has extraordinary potential. I will unlock it.

He said that “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”

Source


Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram





Source link

We will be happy to hear your thoughts

Leave a reply

SENSIP
Logo
Enable registration in settings - general
Shopping cart