World’s richest man Elon Musk offers $43 billion of hostile takeover for the 100% shares of Twitter, says he believes in free speech and can unlock its potential: Twitter shares rose 18% after the announcement was made
Ending all speculations, Elon Musk has finally made an offer to buy Twitter Inc, the company that runs the microblogging social media platform Twitter.
According to reports, the Tesla and SpaceX chief has offered to pay $54.20 per share in cash for 100% shares of the company, valuing the offer at about $43 billion.
The world’s richest man revealed his offer of a hostile takeover of the company in a filling made with the U.S. Securities and Exchange Commission on Thursday. Twitter shares rose 18% after the announcement was made.
Elon Musk had earlier revealed that he had acquired a 9.2% stake in Twitter, creating speculations that he may take over the company. Due to his stake, he was invited to a seat on the board of directors of the company, which he had initially accepted. But later he decided not to join the board.
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One of the conditions of his appointment to the board was that he will not be able to increase his stake beyond 15%. Now as an independent investor, he is not bound by such restrictions and has announced his offer to the entire stock of Twitter.
According to a letter purportedly to be written by Musk to Twitter board chairman Bret Taylor, Musk said that he invested in Twitter as he believes in its potential for free speech around the globe, saying he believes 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,” he said in the letter.
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