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Friday, March 1, 2024

Tesla CEO, Elon Musk Offers To Buy 100% Of Twitter

Elon Musk, the billionaire founder of Tesla Inc, has offered to buy Twitter at $54.20 per share in cash.

The amount values the social media company at $43 billion at the current price.

The development comes just days after he took a 9 per cent stake in the company; becoming its largest shareholder but rejecting a seat on Twitter’s board.

See Also Awka Twitter Hangout: All that went down

In a letter sent to Bret Taylor, Twitter chairman, and disclosed in a regulatory filing on Thursday, Musk said;

“I invested in the app as I believe in its potential to be the platform for free speech around the globe”.

“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”

“The app needs to be transformed to a private company” he said.

“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. I offered 38% premium shares 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”.

Did the app accept Musk’s offer?

“It’s meant to prevent [Musk] from completing the transaction without first negotiating with the company,” Klein explained.

Musk, the CEO of Tesla (TSLA), made the offer just days after revealing a holding of more than 9% in Twitter on April 4, and then declining an invitation to join Twitter’s board.

Twitter will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.” Morgan Stanley is advising Musk on the transaction, according to a regulatory filing.

 

Chinaza Ogbachalu
Chinaza Ogbachaluhttps://www.chinazaogbachalu.com/
My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.
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